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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Liepajas metalurgs AS    0KID   LV0000100535

LIEPAJAS METALURGS AS

(0KID)
Delayed Quote. Delayed London Stock Exchange - 04/06 01:59:05 pm
1.2 EUR   -29.72%
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Liepajas metalurgs : FeLM continues talks with potential buyers of KVV Liepajas Metalurgs steel company's assets

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06/02/2019 | 04:13am EDT

RIGA, June 2 (LETA) - Privatization Agency's (PA) subsidiary FeLM continues talks with several potential buyers of KVV Liepajas Metalurgs insolvent steel company's assets, FeLM CEO Janis Ribens told LETA.

"Talks are ongoing with several investors. FeLM evaluates each proposal made by the investors, including about the acquisition of separate assets," Ribens said without naming any investors.

He added that FeLM has not yet received any binding offers about the acquisition of all KVV Liepajas Metalurgs assets, but that offers have been received about some particular assets.

According to unconfirmed information obtained by LETA, one of the investors eyeing KVV Liepajas Metalurgs assets is businessman Igor Shamis who previously wanted to purchase the whole company.

British Steel, another potential investor that had been considering the acquisition of KVV Liepajas Metalurgs, went bankrupt in May this year.

As reported, FeLM has taken over the company's electric steel casting plant after attempts to sell it off failed.

In March 2018, Austrian company Smart Stahl GmbH bought the rolling mill of the insolvent Latvian steel company KVV Liepajas Metalurgs at the auction on March 20. Smart Stahl GmbH had won the auction by offering EUR 1.57 million (VAT excluded) or EUR 1.9 million (VAT included).

Liepajas Metalurgs metallurgical plant based in the Liepaja port city in south-western Latvia was first declared insolvent after it failed to repay a state-guaranteed loan to an Italian bank. The government sold the plant to Ukrainian investors, KVV Group, in late 2014.

Liepajas Metalurgs was renamed KVV Liepajas Metalurgs and officially re-opened on March 6, 2015, but soon started having problems again and was once more declared insolvent in September 2016.

© Pakistan Press International, source Asianet-Pakistan

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