Post by Peter Ellis on Sept 28, 2004 22:12:21 GMT 1
Croatian companies hold a 49-percent stake in the Tele2 consortium
Sisacka Zeljezara steel mill up and running
Two offers arrive for Zeljezara Split steel mill; both below
expectations
Banka Splitsko-Dalmatinska announces public offer for the subscription
and purchase of shares
ETK: $46 million worth of contracts signed
REGIONAL NEWS
Offer for the joint sale of Knjaz Milos shares is published
WB and EBRD: SCG prone to corruption
B-H: Zeljeznice to see a nearly 60 million convertible marks in
investment
BM__1Croatian companies hold a 49-percent stake in the Tele2 consortium
The Tele2 consortium, the only company to have submitted an offer for the
third GSM network in Croatia, is also made up of nine Croatian companies
with a 49% stake, while the Swedish Tele2 will hold a 51% stake. This was
stated at the presentation of the consortium to the general public. This, of
course, will be valid in case the government accepts the Tele2 consortium
offer.
The Consortium representatives have stressed that they are mainly focused on
lowering of market prices and this was partly the reason why Tele2 had only
submitted an offer for the GSM license and not for a combined GSM/UMTS
license.
According to consultant studies, the expected reduction of current prices of
mobile services is between 20 and 50 percent.
Karl-Johan Nybell, a member of the Swedish company Tele2 managing board did
not put forward the figures regarding the investments necessary for the
start of the Company's operation (the price of the concession itself that
the consortium needs to pay the state totals 105 million kuna) nor did he
say when he expected the possible third mobile phone operator to make an
initial profit, but he did say he was expecting that the Company would in
the mid-term gain about one third of the market which, according to some
studies, will have a 90% penetration by the year 2009. He added that he was
aware of the upcoming battle with the current operators once the Company
makes it onto the market, but he stressed that he was expecting for the
Tele2 stake in the near future not to be insignificant. The Consortium has
been basing its business plans on a 'fair' value of inter-connection between
the operators and despite the fact that its officials are aware that
HTmobile and VIPNet will do all in their power to make their life harder,
they are hoping to be able to strike a deal.
As for the start of business operations, the Consortium believes that the
fact that nine Croatian companies have joined it will make the start that
much easier. One of the representatives of Croatian companies in the
Consortium Agrokor Grupa chairman Ivica Todoric has stated that for the
distribution of products the well-established channels that his company
controls can be utilized. Another Croatian company in the consortium is
Dalekovod, well known for its production of infrastructure parts necessary
for the development of a mobile network. Other members of the Consortium
will certainly carry their weight, as it should not be forgotten that in it
are also Croatia Osiguranje insurer and Privredna Banka Zagreb.
BM_2Sisacka Zeljezara steel mill up and running
Zeljezara-Valjaonica Cijevi Sisak d.o.o., which has after the scrapping of
the purchase contract with the Russian Mecelj company been founded and
registered at the Commercial Court in Sisak by the Croatian Privatization
Fund (HFP) on Monday, began operating on Tuesday, announced the management
of the new company.
The Company's CEO is Damir Begovic, the former Croatian Electricity Board
(HEP) director, while board members are Marijan Balenovic from the steel
mill and Velimir Kracun from the HFP.
The new company has been founded with a base stake of 20,000 kuna and has
been registered for all the activities that the former owner Mecelj had
registered it for. Also making it into the capital stock will be the assets
of the steel mill that had been handed to the HFP by the departing Mecelj.
Once the legal formalities are completed, the labour contracts of all the
1,606 workers will be transferred to the new company and this will ensure
them all their full time working rights, as well as health care and pension
fund insurance and they will also have minimum wages paid through the
company from the money siphoned from the Mecelj bank guarantee totaling 3.6
million euros.
BM_3Two offers arrive for Zeljezara Split steel mill; both below
expectations
Although 15 sets of tender documents had been purchased in the tender for
the purchase of 89.33% of the Zeljezara Split base capital, by the
expiration of the deadline for the offers to be submitted, the Croatian
Privatization Fund (HFP) had only received the offers of the German Max
Aicher Group and the Slovene Store Steel d.o.o. A letter of intent had
arrived from the Al-Tuwairqi Group from Saudi Arabia and another from the
Midland Resources Holding based in the Channel Islands, but neither had been
taken into account as they had not included the elements envisaged by the
tender.
Zeljezara Split is being sold under special conditions for just one kuna,
but such a sale is not without strings attached as it obligates the buyer to
repay all the debts to creditors, produce guarantees that would replace the
state guarantees and make a minimum investment of 88 million kuna into the
steel mill's production development. Max Aicher Group has offered 1 euro per
share, but it was not ready to take over the repayment of debts, nor was it
ready to draw up a fresh guarantee to replace the state guarantees.
A better offer has been made by the Slovene Store Steel company, as it is
offering one kuna per share and is ready to take over all the responsibility
towards workers, but not the obligations regarding state guarantees or other
debt repayments that total 58 million euros and can also not submit a
business plan, said the Store Steel director Marijan Mackosek.
The Slovene company is ready to invest a total of 37.8 million euros into
Zeljezara Split in the next five years and it would like to change the
production program structure from concrete steel to products meant for the
automobile industry that it would export.
BM_4Banka Splitsko-Dalmatinska announces public offer for the subscription
and purchase of shares
Banka Splitsko-Dalmatinska published on Tuesday in the daily press an offer
for the subscription and purchase of regular and preferred shares in the
total amount of 5 million kuna. A member of the Bank's management Ivo Krolo
said that the offer was made in a bid to gather finances for the upgrading
of the base capital, an obligation the Bank must meet in line with the
central bank requirements. Namely, the Bank needs to increase its base
capital to a minimum of 30 million kuna by the year's end and will need to
make additional changes up to the amount of 40 million kuna.
Through this offer the Bank will be selling 10,000 regular and 40,000
preferred shares of 100 kuna nominal value, while the deadline for the
subscription and payment is two weeks.
BM_5ETK: $46 million worth of contracts signed
The Zagreb-based Ericsson Nikola Tesla (ETK) company has signed during the
summer months contracts on the shipping of telecommunications equipment and
the modernization of the system with several clients that total $46 million,
reported the Zagreb Stock Exchange on Monday. The contracts signed are with
companies from Uzbekistan, Moldova, Belarus, Cuba, Kazakhstan, Russian
Federation etc.
(Courtesy of Bankamagazine)
Sisacka Zeljezara steel mill up and running
Two offers arrive for Zeljezara Split steel mill; both below
expectations
Banka Splitsko-Dalmatinska announces public offer for the subscription
and purchase of shares
ETK: $46 million worth of contracts signed
REGIONAL NEWS
Offer for the joint sale of Knjaz Milos shares is published
WB and EBRD: SCG prone to corruption
B-H: Zeljeznice to see a nearly 60 million convertible marks in
investment
BM__1Croatian companies hold a 49-percent stake in the Tele2 consortium
The Tele2 consortium, the only company to have submitted an offer for the
third GSM network in Croatia, is also made up of nine Croatian companies
with a 49% stake, while the Swedish Tele2 will hold a 51% stake. This was
stated at the presentation of the consortium to the general public. This, of
course, will be valid in case the government accepts the Tele2 consortium
offer.
The Consortium representatives have stressed that they are mainly focused on
lowering of market prices and this was partly the reason why Tele2 had only
submitted an offer for the GSM license and not for a combined GSM/UMTS
license.
According to consultant studies, the expected reduction of current prices of
mobile services is between 20 and 50 percent.
Karl-Johan Nybell, a member of the Swedish company Tele2 managing board did
not put forward the figures regarding the investments necessary for the
start of the Company's operation (the price of the concession itself that
the consortium needs to pay the state totals 105 million kuna) nor did he
say when he expected the possible third mobile phone operator to make an
initial profit, but he did say he was expecting that the Company would in
the mid-term gain about one third of the market which, according to some
studies, will have a 90% penetration by the year 2009. He added that he was
aware of the upcoming battle with the current operators once the Company
makes it onto the market, but he stressed that he was expecting for the
Tele2 stake in the near future not to be insignificant. The Consortium has
been basing its business plans on a 'fair' value of inter-connection between
the operators and despite the fact that its officials are aware that
HTmobile and VIPNet will do all in their power to make their life harder,
they are hoping to be able to strike a deal.
As for the start of business operations, the Consortium believes that the
fact that nine Croatian companies have joined it will make the start that
much easier. One of the representatives of Croatian companies in the
Consortium Agrokor Grupa chairman Ivica Todoric has stated that for the
distribution of products the well-established channels that his company
controls can be utilized. Another Croatian company in the consortium is
Dalekovod, well known for its production of infrastructure parts necessary
for the development of a mobile network. Other members of the Consortium
will certainly carry their weight, as it should not be forgotten that in it
are also Croatia Osiguranje insurer and Privredna Banka Zagreb.
BM_2Sisacka Zeljezara steel mill up and running
Zeljezara-Valjaonica Cijevi Sisak d.o.o., which has after the scrapping of
the purchase contract with the Russian Mecelj company been founded and
registered at the Commercial Court in Sisak by the Croatian Privatization
Fund (HFP) on Monday, began operating on Tuesday, announced the management
of the new company.
The Company's CEO is Damir Begovic, the former Croatian Electricity Board
(HEP) director, while board members are Marijan Balenovic from the steel
mill and Velimir Kracun from the HFP.
The new company has been founded with a base stake of 20,000 kuna and has
been registered for all the activities that the former owner Mecelj had
registered it for. Also making it into the capital stock will be the assets
of the steel mill that had been handed to the HFP by the departing Mecelj.
Once the legal formalities are completed, the labour contracts of all the
1,606 workers will be transferred to the new company and this will ensure
them all their full time working rights, as well as health care and pension
fund insurance and they will also have minimum wages paid through the
company from the money siphoned from the Mecelj bank guarantee totaling 3.6
million euros.
BM_3Two offers arrive for Zeljezara Split steel mill; both below
expectations
Although 15 sets of tender documents had been purchased in the tender for
the purchase of 89.33% of the Zeljezara Split base capital, by the
expiration of the deadline for the offers to be submitted, the Croatian
Privatization Fund (HFP) had only received the offers of the German Max
Aicher Group and the Slovene Store Steel d.o.o. A letter of intent had
arrived from the Al-Tuwairqi Group from Saudi Arabia and another from the
Midland Resources Holding based in the Channel Islands, but neither had been
taken into account as they had not included the elements envisaged by the
tender.
Zeljezara Split is being sold under special conditions for just one kuna,
but such a sale is not without strings attached as it obligates the buyer to
repay all the debts to creditors, produce guarantees that would replace the
state guarantees and make a minimum investment of 88 million kuna into the
steel mill's production development. Max Aicher Group has offered 1 euro per
share, but it was not ready to take over the repayment of debts, nor was it
ready to draw up a fresh guarantee to replace the state guarantees.
A better offer has been made by the Slovene Store Steel company, as it is
offering one kuna per share and is ready to take over all the responsibility
towards workers, but not the obligations regarding state guarantees or other
debt repayments that total 58 million euros and can also not submit a
business plan, said the Store Steel director Marijan Mackosek.
The Slovene company is ready to invest a total of 37.8 million euros into
Zeljezara Split in the next five years and it would like to change the
production program structure from concrete steel to products meant for the
automobile industry that it would export.
BM_4Banka Splitsko-Dalmatinska announces public offer for the subscription
and purchase of shares
Banka Splitsko-Dalmatinska published on Tuesday in the daily press an offer
for the subscription and purchase of regular and preferred shares in the
total amount of 5 million kuna. A member of the Bank's management Ivo Krolo
said that the offer was made in a bid to gather finances for the upgrading
of the base capital, an obligation the Bank must meet in line with the
central bank requirements. Namely, the Bank needs to increase its base
capital to a minimum of 30 million kuna by the year's end and will need to
make additional changes up to the amount of 40 million kuna.
Through this offer the Bank will be selling 10,000 regular and 40,000
preferred shares of 100 kuna nominal value, while the deadline for the
subscription and payment is two weeks.
BM_5ETK: $46 million worth of contracts signed
The Zagreb-based Ericsson Nikola Tesla (ETK) company has signed during the
summer months contracts on the shipping of telecommunications equipment and
the modernization of the system with several clients that total $46 million,
reported the Zagreb Stock Exchange on Monday. The contracts signed are with
companies from Uzbekistan, Moldova, Belarus, Cuba, Kazakhstan, Russian
Federation etc.
(Courtesy of Bankamagazine)