Bulgarian consortium to take over Serbian glass maker Srpska Fabrika Stakla.

By bne IntelliNews September 1, 2011
A Bulgarian consortium may take over Serbian glass producer Srpska Fabrika Stakla, Tanjug news agency reported. Bulgarian glass maker Rubin, which used to be majority owner of Paracin-based Srpska Fabrika Stakla, is a member of the consortium. Due to Srpska Fabrika Stakla's accumulated debts, Rubin sold a 63.6& stake in the company to Serbia's state-owned natural gas transmission and distribution company Srbijagas in a debt-to-equity swap. The government has already approved the Bulgarian consortium's offer. Covering Srpska Fabrika Stakla's outstanding natural gas bills is one of the conditions set to the new owner. The Bulgarian consortium plans to invest EUR 22mn in upgrading the plant's facilities.

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