Business News

Huber Holding Emerging as Strategic Investor for Polzela

Polzela, 10 November (STA) - The Austrian Huber Holding, owned by Robert Ng Chee Siong from Singapore, has carried out due diligence at Polzela as a potential strategic partner for the stockings maker, which is undergoing court-mandated debt restructuring. The STA has found out that it is offering to pay creditors a quarter of their outstanding claims which amount to EUR 5.8m.

The proposal was sent by Huber Holding, which controls acclaimed brands such as Huber, Skiny and Hanro, to the NLB bank, NKBM, Banka Celje, Gorenjska banka, Deželna banka Slovenije and Hranilnica Lon.

A letter of intent was signed in September and talks are allegedly being conducted on behalf of all creditors by the state-owned NLB.

As part of the takeover, Huber would also invest EUR 2m in modernising production, secure an additional EUR 1m in working capital, and employ an extra 200 people. Polzela, which employed 1,400 in its heyday, presently has 285 workers.

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