Банкеръ Weekly

Briefs

VIDACHIM IS FOR SALE

Four companies bought the information memorandum for participation in the privatisation of autonomous parts of the Vidin based chemical plant Vidachim (in liquidation). Among them is the Italian Aquafil. Some time ago Maranghoni, another Italian company, was interested in purchasing the major production. Aquafil is not applying for the pneumatic tyres plant, which has attracted Maranghoni's attention, but rather for the polyamid fibres plant. Eventual competitor of the Italian company will be Vidanova, the local MEBO unit, which applied for all four autonomous parts of the plant. Vidanova is the absolute favourite for the privatisation of the tyres plant, as it is for the moment the only candidate. The company Energy-94, related to Bulgaria 2002 (the new name of Multigroup Bulgaria) will have the possibility to bid for the thermal electro station and the mechanical repairs plant. Sipotrading Ltd., whose registration is not yet published in the State Gazette, will also apply for the thermal electro station.
Whether there will be a competition and who will be the winners will be announced not earlier than May 11, 2001 - the deadline for placing offers for the plants, owned by the Vidin-based plant. Doubts are based on the updated evaluation of Vidachim assets, amounting to BGL52.681MN. Just for comparison - on September 23, 1999 Maranghoni offered just BGL3.5MN for the total company. Yet no negotiations have started, as the former Ministry of Industry had set the price of BGL70MN.
A year ago the price requested by the Ministry of Economy was reduced to BGL63MN. It also differed drastically from the price the candidates at that time - Maranghoni, Vidanova, Borimex and Transcauchuk Impex - were prepared to pay. So that the procedure failed once again. Most probably the current approach of announcing a minimum price will fail for the third time. While Vidachim will remain idle.

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