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Ownership of Bulgaria's Steelworks Kremikovtsi Known in June
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The general shareholders' meeting of Sofia-based steelworks Kremikovtsi is expected to decide on a possible change of ownership of the plant on May 30.
Finmetals Holding, the owner of a 71% stake in Kremikovtsi, announced on April 19 it is to sell its stake to India's Global Steel Holdings Ltd under a signed tentative agreement.
The transaction should be finalized by the middle of June provided that all commitments undertaken with the preliminary agreement are met, the Bulgarian stock exchange announced.
GSHL completed negotiations with the leading shareholders of Bulgaria's top steel plant in February 2004. A total of 71% of Kremikovtsi's capital is held by Finmetals, another 25% are held by the Bulgarian state and the rest are in the hands of corporate clients.
GSHL is willing to invest over EUR 300 M in the Bulgarian smelter. Once the deal of 2.3 million tons per annum steel plant is finalized, GSHL is expected to see a rise in its steel production capacity to 12.3 million tons.
Kremikovtsi's sale last year increased by 30% due to higher prices and added value, investments totaled BGN 92 M. The company's long-term debts decreased by nearly 20% in comparison with the previous year, down to BGN 232 M. |
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