MAJORITY STAKE IN CHIMKO TRANSFERRED

Business | June 1, 2001, Friday // 00:00

The Vratza City Court ruled the transfer of 71% of the shares of chemical industry company Chimko of the town of Vratza to the Cyprus AVST Trading Ltd. from the current owner ABI Trans of New York. AVST majority holder is an UK consortium. ABI Trans did not succeed to service liabilities to the Cyprus company. ABI Trans of New York has been engaged in a prolonged legal battle with ABI Trans Corporation. The new owner assured Chimko`s management that it will strictly follow the commitments under the privatisation contract.

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