Банкеръ Weekly

Briefs

VIDACHIM SAVES ITSELF FOR BGN1

PristisGroup - Water Construction paid BGN1 for 70% of Vidachim's capital and thus saved the Vidin enterprise from liquidation and its assets from a closing down sale. The Rousse-based company, which is specialized in construction, repair works, marketing and design, took the engagement to settle all liabilities of the tire-production plant. They amount to BGN68,888,914 and the main creditor is the State Reserve. Among the other Vidachim's creditors are Raiffeisenbank (with a receivable of over BGN3.4MN), Jorset Holding, which inherited the assets of First Private Bank (with BGN680,000) and ROSEXIMBANK which inherited BALKANBANK's receivable amounting to BGN187,000. At the same time PristisGroup is obliged with a serious five-year investment program for up to BGN13.1MN. This was announced by the Privatization Agency (PA). The signed agreement also foresees ambitious employment program to be fulfilled according to which plant's staff should be increassd from 140 to 680 persons by 2007.With the sale of the Vidin plant's majority stake the Finance Ministry and the Ministry of Economy took the more social decision instead of liquidating Vidachim and cashing its assets. They might even had hit the point with the selected buyer as PristisGroup announced its intentions to reopen production freezed for a third year in a run. This will probably happen with the assistance of partners from Germany, the Netherlands, Spain and Turkey. The other news spread this week was that the state-owned Bulgarcontrola EAD, dealing with control, analyses and emergency statements is already owned by Maiak-control EOOD which main activities are buy/sell of goods, trade representation and intermediary business. The company is controlled by Radosvet Radev (Head of Darik Radio) and it won the open bidding tender by offering BGN3.7MN for 100% of the state-owned enterprise with initially appointed price of BGN3MN. The other main player in the bidding was the Bulgarian Trade-Industrial Palace.PA also signed the contract for the sale of Cherni Vit hydroelectric power station. The winner in the tender which took place at end-June is Instrument Ltd - Gabrovo. The station is an independent part of NEC EAD - Sofia and its buyer paid BGN285,000 which amounted to half of the offered price. The rest of the sum was agreed to be paid within two weeks, explained from PA.

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