The Kremikovtzi Saga Continues on BSE

The Kremikovtzi Saga Continues on BSE

The drama for the shareholders in Kermikovtzi () continued today as shares went down by a further 27% to 2.37 leva so far on BSE.

Trade today is close the minimum daily limit, which is at 2.275 leva apiece. Some 64,000 shares changed hands during the first 45 minutes of the session.

We remind that the record on the position was nearly 38 leva a piece (reached last November), which means the stock price has declined 15 times since then.

The plunge started after it emerged that the steel-mill faces insolvency. According to the company the procedure will last four months.

As far as Kremikovtzi's license is concerned, the company said that some of the requirements may be met by the end of the year but only if the process starts in June or July. The deadline for the license issue is September.

One of the bidders for Kremikovtzi the Indian tycoon Arcelor Mittal intends to acquire some of its assets in a tender. The company's accrued liabilities may be paid only after its assets are sold in tenders.

According to Kremikovtzi's last report dated 31 December 2007 liabilities total 1.67 billion leva (853 mln euros). Assets, however, total 2.63 billion leva (1.34 billion euros). Fixed assets are estimated as follows: land – 245.195 million leva (125.36 mln euros), buildings – 300.477 mln leva (153.63 mln euros), machines and equipment – 779.915 mln leva (398.76 mln euros), facilities – 230.502 mln leva (117.85 mln euros), transport vehicles – 32.855 mln leva (16.79 mln euros). The report also states “Costs on acquisition and liquidation of material assets” stand at 105.747 mln leva (54.067 mln euros).

Current assets are listed as follows: material assets – 557.373 mln leva (284.98 mln euros) and production - 64.197 mln leva (32.82 mln euros).

Photo by BGNES

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