Romanian state gets EUR 129 mln for largest chemical plant

Local firm Chimcomplex, owned by Romanian investor Stefan Vuza, will pay EUR 127 million to buy most of the assets belonging to insolvent chemical producer Oltchim, whereas the PVC profile producer Dynamic Selling Group will pay EUR 1.9 million for a single asset. Prices don’t include VAT. The plant should have been sold for at least EUR 307 million, according to its reorganization plan. Chimcomplex will take over six asset packages whereas Dynamic a single one. Chimcomplex is in the process of collecting the necessary funds for this transaction. Vuza has put up for sale numerous assets of his companies from the Serviciile Comerciale Romane group. His goal is to create the biggest Romanian chemical producer. Oltchim, which is owned by the Romanian state, went into insolvency in January 2013. The company had total debts of some EUR 800 million at that time. Last year, the company was put up for sale, its assets being divided into nine packages. Oltchim recorded a net profit of EUR 1.68 million in the first quarter of this year, up 76% year-on-year . editor@romania-insider.com