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OHIS for sale

30. March 2012

OHIS OFFERED FOR SALE AT STARTING PRICE OF EUR 14,000

The chemical behemoth OHIS will be offered for sale at a starting price of 14,000 euros, or one euro per share, the Ministry of Economy said. In the advertisement for the sale of this loss-making company, announced on the website of the Ministry of Economy, it is said that 1,477,172 shares, or 76.575 percent of the capital stock of OHIS, are put for sale. Economy Minister Valon Saraqini said that at the sixth tender for selling OHIS, more relaxed conditions will be offered in order to attract a foreign investor who would keep all employees.
In order to be eligible for racing in the tender competition, companies should have annual in-come of at least 2 million euros, while the bank guarantee of a million euros will be activated if the investor lays off employees or does not con-tinue operating in the processing industry. The size of the investment over the next 5 years, as well as the number of newly employed staff in the next 3 years generates most points in the grading of bids.
Minister Saraqini previously said that an in-terest in buying the loss-maker was demonstrated by two Bulgarian and one domestic company. In order to make the facility attractive to investors, the Government transformed OHIS’s debt to the state in government stakes on a few occasions.
OHIS, together with its daughter companies, is offered for sale with a total loss of some 23 million euros. Its CEO, Pece Jovevski, explains that they are a result of the settling of balances for 2011.
In 2007, the Government took over OHIS with 1,700 employees and 60 million euros in accumu-lated liabilities. OHIS now has 840 employees and 11 million euros in liabilities to banks and employees.

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