Govt May Revise Plans to Nationalise Troubled co Remotex-Radnevo due to High Price
Friday, 10 January 2014
The government may give up the acquisition of troubled industrial machine repair company Remotex-Radnevo because of its unreasonably high price, the economy minister said.
If the company’s current owner does not offer a reasonable price the acquisition will fail, Dragomir Stoynev said, without specifying the value of the deal.
Remotex-Radnevo is loss-making and has over 25 million levs ($17.4 million/12.8 million euro) in debt, the minister said.
Late in 2013 the economy ministry said it is considering acquiring a majority stake in Remotex-Radnevo in a move aimed to retain the workers and pay them wages on a regular basis.
Remotex-Radnevo is among the largest repair companies for heavy mining, transport and energy equipment in Bulgaria.