Банкеръ Weekly

Briefs

VIDACHIM SLOWLY COMES OUT OF THE SLOUGH

The Vidin-based company Vidachim ended the first quarter of 2004 in a BGN358,000 loss, which is considerably lower as compared to that for the same period of last year, when the enterprise was BGN2.4MN in the red, and the losses reported for the first three months of 2002 amounted to BGN5.7MN. Expenses for the operation of the manufacturer of polyamide fibres and pneumatic tyres (chiefly for inputs) also dropped drastically to BGN4.5MN in January-March, 2004, and its proceeds reached BGN4.1MN.The company's debts total BGN68MN. Half of that amount is due to suppliers and clients, and the liabilities to banks are BGN3.3MN.Seventy per cent of Vidachim's capital is owned by the Rousse-based company Pristagroup - Vodno Stopanstvo, which purchased it from the Privatisation Agency (PA) on July 17, 2002 at a token price of BGN1, after the enterprise was slated for liquidation on December 1, 1998 and insolvency procedures against it were opened in June 2001. The buyer has undertaken to pay off all company liabilities and invest BGN13.1MN in it within five years, and in 2003 alone it invested BGN10MN-plus in Vidachim. Pristagroup - Vodno Stopanstvo on its part is owned by a group of natural persons, among whom Borislav Lorinkov holds the biggest, 33-percent share. The Ministry of Economy is also a holds 25% stake in Vidachim. However, its share was in the last moment withdrawn from the fifth centralized public tender, held on the stock exchange in May 3 to 18. The remaining securities are in the hands of small shareholders. It is interesting that Vidachim intends to set up a joint enterprise for the production of tyres with the Turkish company Petlas.

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