A 90% stake in the Ravne-based steel product manufacturer and its subsidiary Armas was sold as part of the bankruptcy estate of the logistic holding Skupina Viator & Vektor.

Official receiver Silvo Zorec told the STA that BAMC was the only bidder at what was a reverse auction. The asking bid was set at EUR 12.6m, which BAMC managed to reduce to minimum of EUR 2.733m.

BAMC opted for the acquisition because it already holds almost EUR 13m in claims to Sistemska tehnika, so it can improve the management of these assets and look for potential buyers, the bad bank said.

The auction failed to attract the Russian-owned steel group SIJ and Sweden-based Akers group, which owns the Ravne-based steel rolls manufacturer Akers Valji Ravne.

Both had expressed interest in the past, but SIJ was deterred by the high price, while Akers said it was only interested in the steel roll manufacturing line rather than Sistemska tehnika as a whole.

The Viator&Vektor receiver had managed to sell around 90% of the bankruptcy estate. Most recently the company's logistic hub in Ljubljana was sold to a Croatian buyer for EUR 18.5m with payment still due.