Toscelik Profil Ve Sac Endustrisi AS won an auction to buy Zeljezara AD Niksic (ZEHK), paying 15.1 million euros ($20 million) for the unprofitable Montenegrin steel plant.
Toscelik, part of Tosyali Holding, bought the Niksic-based mill after four previous auctions failed, Montenegro’s Economy Minister Vladimir Kavaric said in a statement on the government’s website today. Zeljezara’s court-appointed receivership administration set the asking price at 15 million euros in the latest auction, half of what it asked in January.
The steelworks was put into bankruptcy a year ago when a workers union demanded overdue wages.(Bloomberg)
Last modified onSaturday, 06 May 2017 10:07
Latest from Admin TOA
- Pinar Toprak: Everything You Need to Know About Marvel’s First Female Composer
- Renowned Turkish Dr. Oz is on BiP Now!
- Trump's Trade Step Shows U.S. Can Hit Turkey Where It Hurts
- More than 50,000 Small and Medium-sized Businesses Exceeded $500,000 in Sales in Amazon’s Stores in 2018
- Refik Anadol, Turkish-American Artist Receives The Lifetime Awardees for 2019 Florence Biennale - Contemporary Arts