PCC SE joined Oltchim’s shareholding structure seven years ago and holds, directly and indirectly, a 32.34% stake in Oltchim.
PCC SE representative in Romania, Wojciech Zaremba, told news agency MEDIAFAX that PCC, as a minority shareholder in Oltchim, has so far invested over EUR50 million in the chemical plant.
Early December 2013, Romania’s Economy Ministry, the majority shareholder of Oltchim, set up a new company called Oltchim SPV which took over the chemical plant’s assets. Oltchim SPV’s assets are valued at EUR305.24 million and the amount does not represent the maximum sale price.
Oltchim transferred all its assets to special purpose vehicle Oltchim SPV in exchange for the latter’s shares and plans to sell its shares in Oltchim SPV. Eligible investors will be able to submit offers by January 31, 2014 while the selection procedure will be completed on February 3, 2014.
Oltchim halted operations in August 2012 in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities. Oltchim has opened insolvency proceedings in January 2013.
PCC SE participated in 2012 in Romania’s first attempt to sell Oltchim. PCC SE is part of PCC group, which operates in 16 countries in the sector of petrochemical and carbon-based products.
Fortissimo Capital’s private equity funds invest mainly in Israeli related public and private technology and industrial companies that require a capital infusion to expand their business.