Банкеръ Weekly

Briefs

GERMAN COMPANIES INTERESTED IN CHAVDAR PRODUCTION GROUNDS

The Ministry of Economy has delayed for almost a month the new evaluation of the Botevgrad-based bus producer Chavdar, currently in liquidation. Nikolay Nikolov, the producer's liquidator, was expacting the evaluation approval mainly as means for covering the costs the scarce staff has already accrued.
We are recently facing an increased interest in the purchase both of the major production and the car chassis plant, said Nikolov to the Banker weekly. Besides Abdullah Saleh Mohammed Al-Hauaz, the Saudi businessman, there are also new candidates, interested in developing bus production. These are two West European companies, one of them comes from Germany, said Nikolov.
Another German company is interested in the chassis plant, but after buying it, it intends to turn it into a cable production site. According to the liquidator, the same investor had investigated the business opportunities in different Bulgarian cities, but Botevgrad seemed to offer the best environment, as it was situated close to Sofia. An Italian company, which intends to move the total production of a plant to Botevgrad was also researching the plant.
According to Nikolov there is an optimistic alternative - the evaluation of Chavdar assets should be ready within a week, and the memoranda for the sale of autonomous parts - till the end of May. After that should be defined the dates for the tenders. If the schedule is kept, the new investors will be able to enter the company in July 2001.
The tenders which took place in November-December 2000 failed totally. Only a couple of buses and trucks were sold. There were no candidates for the main production ground. Even the Saudi company, considered as a sure candidate, left the tender in the last moment. The reason, as the company put it, was that they could't meet the deadline. The only candidate at the November tender was the local AGM Ltd, but no contract was signed.

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