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Ştefania Ciocîrlan
Chemgas Holding Corporation Ltd. has become the new lead creditor of Slobozia-based fertilizer plant Amonil, following the transfer of 54 million RON worth of receivables from Riverside Development Ltd., according to an announcement sent to the Bucharest Stock Exchange.
Riverside Development Ltd. controls 99% in Chemgas Holding Corporation, which was established on 20 January 2009, nearly one week after BURSA had revealed that Riverside Development had bought the Amonil receivables from Distrigaz Sud. The recent transfer of receivables took place after Riverside Development had refused early this month an offer from the Amonil shareholders to swap the receivables acquired from Distrigaz for some Amonil assets.
The transfer of receivables announced yesterday comes as a surprise, considering that Riverside had repeatedly announced plans to initiate an insolvency procedure against Amonil, should the debt remain unpaid. In the meantime, Amonil stocks (BSE:AMO) have been the object of intense trading on the Bucharest Stock Exchange, rising by 89.25% since the beginning of the year.
Amonil - Slobozia has a market value of 31.71 million RON calculated at the price of 0.0265 RON/share logged yesterday. The plant is controlled by two off-shore companies registered in Belize: Zalois (32.19%) and Jovline (18.22%). Salink Limited holds 13.54%, while Eurom Trade Invest, registered in a village in Bihor County, holds 5.07%, according to an announcement made last month.
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