Банкеръ Weekly



The best company within the structure of the one-time socialist giant Balkancar Holding - Balkancar Shesti Septemvri - will soon pass into history physically as well. Production of electric trucks in it will soon be stopped and according to well-informed sources, the entire equipment of the enterprise will be put up for sale. Even a buyer has already turned up, which is only natural - a firm for scrap. In fact, it has been known for quite a long time now that the company's liquidation is inevitable. But there was hope that its assets would be transferred to another firm and that production would continue. Alas, that won't happen.
Exactly a year ago three ministers (the former vice premier and economy minister Lidiya Shouleva, the ex social minister Hristina Hristova, and the then justice minister Anton Stankov), the deputies from the parliamentary economic and social commissions, syndicate representatives, and the trustee in bankruptcy of Balkancar Holding, discussed the problems of Balkancar Shesti Septemvri. At the same time, its employees were protesting in front of the National Assembly because they had not received their wages.
Currently, there are no striking workers, no concerned politicians, and soon there will be no company. The reason for all that is that Balkancar Shesti Septemvri has been in private hands for several months now.
At a tender held on April 25, 2005 the Lithuanian company Regional Investment UAB bought 51% of its capital against BGN6MN. (Until then the majority package of shares in the insolvent Balkancar holding was being sold by its trustee in bankruptcy Boyana Karaivanova). Three months earlier the Lithuanians purchased the state's 43% stake in the enterprise at a centralized public tender on the stock exchange. The deal was worth BGN2MN. It is interesting to note that the minimum price of the majority package was twice lower. According to a well-informed source, Boyana Popova, who succeeded the diseased Iliya Pavlov in Multigorup, was present at the tender, but gave up bidding.
Pundits claim that the Lithuanian company is engaged in resale of real estates (enterprises included). The representatives of Regional Investment UAB in Bulgaria, the lawyers office Jingov, Guginski, Kyuchukov and Velichkov, refused to answer the questions of a reporter of the BANKER weekly. From a conversation with their representative it became clear that quite a lot of people from the lawyers office were engaged in the Balkancar Shesti Septemvri case.
The extraordinary general meeting of the company, scheduled for October 12, when its liquidation had to be voted, was postponed for October 27. The shareholders were also to make a decision for raising the enterprise's capital from BGN1.98MN to BGN3.12MN. That had to be done by issuing new stocks, all of them underwritten by Regional Investment UAB . The reason for that strange decision is most probably to increase the company's financial prestige.

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