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Turkey's Tosyali Holding Buys Montenegrin Steel Mill in Niksic PDF Print E-mail
2012-04-30 19:49:55
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)
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Last Updated ( 2012-05-01 22:28:49 )
 
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