CHIMCO PLANT HAS CYPRUS BASED NEW OWNER

Business | September 26, 2001, Wednesday // 00:00

The Supervisory Board of the Privatization Agency /PA/ approved the transfer of 9,683,903 Chimco shares /71% of the capital of the fertilizer plant/ to AVST Trading Ltd, based in Cyprus from US-based IBE Trans. A principle shareholder in the new owner is a British consortium between United Kingdom Gas and Energy Finance of London. The Cyprus-based company participated in the financing of IBE Trans for the purchase of a majority stake in Chimco and for the implementation of the investment programme. The shares were transferred because of the inability of IBE Trans to service outstanding debts to AVST Trading. The new majority shareholder assured the PA that it will strictly observe all the privatization commitments and will pay the BGN 869,652 fine imposed on the previous owner for failing to fulfill engagements.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria