The Slovenia Times

SSH approves Paloma privatisation


Under the plan, the company is to be recapitalised by an investor, unofficially a Polish fund, whose subsequent takeover bid would be accepted by the SSH state assets custodian.

In February, the management of Paloma, in which the SSH holds 71%, invited potential investors to express interest in a EUR 15m recapitalisation.

Polish fund Abris has been considered the most likely new owner for Paloma for some time now.

It has reportedly offered the highest price per share and is willing to pay a total of EUR 26m for the entire company.

Abris advisor Igor Štemberger has recently said that the fund submitted the only binding bid for Paloma, the company based in Sladki Vrh in the north-east.

The fund is reportedly to exceed the takeover threshold in the recapitalisation, so it will submit a bid for the remaining shares.

According to today's decision of the SSH supervisors, the SSH would accept the offer. Paloma's shareholders are meanwhile expected to approve the capital hike soon.

The STA also learnt today that there is still a possibility that another firm apart from Abris could express a serious interest in the recapitalisation.

However, Abris seems to be the strongest candidate for now. According to Štemberger, it has the money and a bank guarantee needed for the acquisition.

Paloma is one of the 15 companies Slovenia listed for privatisation in 2013. Half a dozen have already been sold, while two sales fell through, namely that of telco Telekom Slovenije and chemical company Cinkarna Celje.

The sale of flag carrier Adria Airways and its former maintenance arm Adria Airways Tehnika are meanwhile close to completion.


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