Two suitors for Industria Sarmei

Conares Trading, a Russian capital company registered in Switzerland, and LNM Holdings NV based in the Dutch Antilles have entered the race for the controlling interests in Industria Sarmei Campia Turzii, which the Privatisation Authority (APAPS) put up for sale. APAPS holds 63.2% in the company, while SIF Banat-Crisana owns 32.89% and the mass privatisation programme-produced shareholders have the remaining 3.83%. Industria Sarmei Campia Turzii, which makes wires, welding electrodes and traction cables was put up for sale in March last year and placed under receivership in April. The bid submission deadline initially set for July has been extended several times ever since. The plant was registering 377.8bn ROL ($11.2 million) in debts at the end of last year. It also has to repay an about $9.2 million loan to the Banking Assets Resolution Authority (AVAB), which it used for retooling purposes. ZF