Chimcomplex remains the only bidder for Oltchim, as the investment fund withdraws

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Oltchim’s official receivers have announced the Bucharest Stock Exchange (BVB) on Tuesday, in a press release, that the only bidder who has signed a sales contract for the company’s asset packages 1-5 and partly 7 packages that imply the company’s operations, is Chimcomplex Borzeşti.

The White Tiger investment fund, which submitted an offer to acquire much of Oltchim’s assets has withdrawn and hasn’t signed the contract with the Romanian state. “There is only one bidder left for the Oltchim’s privatisation, the investment fund White Tiger gave up its bid just before the signing of the contract with the Romanian state,” Bogdan Stanescu, Oltchim’s official receiver said for capital.ro.

According to the communiqué sent to BVB, Oltchim S.A. requested White Tiger Wealth Management Ltd to sign the sale contract of asset packages no. 1, 3-5, 7, 8 and partly no. 9, White Tiger Wealth Management Ltd. Has refused to sign it and has announced the unilateral withdrawal from the transaction.

Oltchim planned to conclude, last week, with three bidders, sales contracts for nine asset packages of the company put up for sale during the company’s reorganization phase of the insolvency proceedings. The three companies with which contracts were to be concluded were Chimcomplex S.A. Borzesti, company owned by businessman Ştefan Vuza, regarding the asset packages no. 1-5 and partly 7; Dynamic Selling Group S.R.L., manufacturer of PVC profiles, regarding the asset package no. 6; White Tiger Wealth Management Ltd, investment fund, on asset packages no. 1, 3-5, 7, 8 and partly 9.

 

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