Business News

State Selling 25% Stake in Steel Group SIJ

Ljubljana, 16 March (STA) - The Capital Assets Management Agency (AUKN) published on Friday an international invitation for bids for the acquisition of 248,655 shares or 25% plus one share in the Slovenian steel group SIJ. The deadline for binding bids is 30 March.

The AUKN acted in line with the decision of the government, which would like to see whether it could get more than EUR 190.73 per share for its stake in SIJ, which is the price that Dilon, the Slovenian subsidiary of the Russian group Koks, paid when it acquired the 55.35% stake in SIJ in 2007.

Under the 2007 contract, Slovenia would be able to sell the remaining shares to the Russian group under the same conditions within five years of the deal. The minimum bidding price was set at EUR 47.4m.

The 2007 sale of the majority stake in SIJ is however being pored over by the Court of Audit, as it would have netted more than EUR 105m had the process been run more efficiently, the daily Dnevnik reported in November 2011.

Dnevnik cited unofficial information revealing that the audit had found the sale uneconomical and opaque.

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