TLM over night went into hands of Russian investor Igor Šimas

Šamis took over 100% of Rolling mill, 75% of Pressing mill and little bit less than half shares of Adrial.

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Light metals factory from Šibenik go through the agony in 7th year after the privatization , due to huge financial problems, with the more than half a milliard kunas of unsettled liabilities, and around 700 workers in 2 factories, who literally over the night , got the new owner- Russian investor of Jewish descent Igor Šamis.

It is the third owner since the factory went from government to private ownership. The contract about taking over was signed in Zagreb 2 days ago, and two new questions are opened by it. Who the new owner is, who took over TLM instantly, unexpectedly and surprisingly for all, and what after this because the fact that the pre bankruptcy procedure was started due to the account blockade for both factories. It is important that the new owner practically gained 90% of the business of previous integral TLM. BY buying different shares , in three subjects, Šamis have become the absolute owner of Rolling mill, three quarters of Pressing mill and little bit less than half of shares in Adrial. According to Branimir Lepur,the president of TLM management’s subjects, he bought TLM Holding, with the former owner of Fintrust holding Marko Pejčinoski.

It is the key part of acquisition since this holding company holds 98,98% of Rolling mill (former TVP, or current Aluminium d.d.) and 75,29% of Pressing mill (TPP) with the major owner Zagreb’s Dalekovod with 23,46% of shares. Apart from that he also bought 49,99% of Adrial, famous company formed by Croatian consortium during the purchase of TLM from government. The liabilities of purchase from purchase contract were transferred on subjects. In Adrial,apart from new Russian owner of TLM Holding, there are Dalekovod,Konstruktor Inženjering and Zagreb-Montaža, while Feal went out, and five members of Aluflexpack sold its shares to former owner.

New Russian owner of Šibenik’s aluminum also has two more companies. United Group from Luxembourg, without any information available on internet, while Czech steel mill (in Pilsen) is his main business for last 7 years. After that Šamis is mentioned as potential investor in Smederevo’s steel mill. As far as Forbes list of Russian billionaires from 2013, the new owner of TLM is not among first 100 people(it finishes with half a billiard dollars).The question of financial power is very important for the future of Šibenik’s company, current production and workers future, and paying the liabilities to creditors. The one who are familiar with the circumstances, even some of the former owners of TLM point out that the key question is if Šamis has all needed financial power for TLM reconstruction.
To normalize the business, the financial injection of about 20 million euro is needed, due to investment in technological development mostly in Rolling mill, but according to the plan it is needed to built new press, plus working capital. The most important is-consensus with creditors, and if the Šamis is able to fulfill all these interests is will soon be known. Šamis signed at the beginning of the week the contract about the over taking of mentioned shares, but it is not known how much he paid for TLM, as well the whole operation was secretive. The new owner arrived to Croatia 15 days ago for a business conversations with Split steel mill.,But, he stayed in Split for a short time, and went to Šibenik right after that in visit to TLM .It was not unnoticed, but still everything concerning this over taking is secretive.

The operation only lasted for about 10 days,and according to Lepur the new owner will be acquainted with the conditions, start conversations with the creditors,and make the plan and program from pre bankruptcy procedure. As said from many sides, the conversations with key creditors should start immediately, and among the biggest HPB,Jadranska banka, HBOR and HEP are mentioned and Hypo. TLM asked for starting of pre bankruptcy procedure for both factories and if it will come to that it depends on new owner or the creditors if they accept his plan.It is possible that the Russian as major owner withdraws pre bankruptcy suggestions, and helps with his money and unblocks the account. But before that it is needed to have successful meetings with creditors and their green light. On the other hand Slovenian Impol, famous and successful company in its field, who scanned TLM deeply, is still interested in Šibenik’s company , and waits for the outcome.

 

Source: www. poslovni.hr

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