Bulgaria's BEH Sets Up Asset Management, Investment Co

Bulgaria's BEH Sets Up Asset Management, Investment Co

Bulgarian state-owned energy holding BEH has set up a new fully-owned subsidiary named Energy Investment Company which will provide asset management, investment and consulting activities, the energy ministry said.

Energy Investment Company has already been entered into the country’s trade register, the ministry told SeeNews in an emailed statement without elaborating.

According to business newspaper Capital Daily, through the new company BEH will most probably carry out its plan to nationalize troubled industrial machine repair company Remotex-Radnevo and insolvent fertiliser plant Chimco.

Energy Investment Company was registered on November 26 last year and has a capital set to 50,000 levs ($34,500/25,600 euro), the daily reported, quoting data from the country’s trade register.
Last month, the economy ministry said it is holding talks for the purchase of Remotex-Radnevo, which has over 25 million levs in debt, in a move to save jobs and ensure regular payment of wages but its owner has asked for unreasonable price. Meanwhile, it plans to acquire Chimco by the end of February, aiming to revive it as soon as possible.

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