Suzanne
14-02-06, 12:06 PM
British steel trading company Stemcor wants to buy the 25.29% stake in Sofia-based metallurgical plant Kremikovtzi held by the Bulgaria state, the economy ministry said on Monday, February 13.
The ministry said the written notification of interest was received on January 3.
Stemcor is willing to assume $71 mln of Kremikovtzi's outstanding debts and to negotiate the acquisition of the state-controlled equity at a fair price, said the economy ministry.
The acquisition costs will be financed with a syndicated loan.
In related news, it emerged that the ministers of economy and finance and the CEOs of national power grid operator NETC and of gas distributor Bulgargaz, the main creditors of the metallurgical company, met last Friday with Kremikovtzi's Indian owners.
Global Steel Holdings Ltd reportedly undertook to present to the government the updated investment program of the metallurgical plant.
Sources close to the talks said Global Steel Holdings Ltd asked the government to reschedule Kremikovtzi's outstanding debts but that proposal was rejected.
No one from the Kremikovtzi management was available for comment.
(Dnevnik)
http://news.dnevnik.bg/
The ministry said the written notification of interest was received on January 3.
Stemcor is willing to assume $71 mln of Kremikovtzi's outstanding debts and to negotiate the acquisition of the state-controlled equity at a fair price, said the economy ministry.
The acquisition costs will be financed with a syndicated loan.
In related news, it emerged that the ministers of economy and finance and the CEOs of national power grid operator NETC and of gas distributor Bulgargaz, the main creditors of the metallurgical company, met last Friday with Kremikovtzi's Indian owners.
Global Steel Holdings Ltd reportedly undertook to present to the government the updated investment program of the metallurgical plant.
Sources close to the talks said Global Steel Holdings Ltd asked the government to reschedule Kremikovtzi's outstanding debts but that proposal was rejected.
No one from the Kremikovtzi management was available for comment.
(Dnevnik)
http://news.dnevnik.bg/