Bulgaria: energy company buys stake in Rubin

Bogomil Manchev, the owner of Bulgarian energy company Risk Engineering acquired 13.44% in Rubin glassware factory in Pleven, northern Bulgaria, on the Bulgarian Stock Exchange, it was reported on 27 …

Bogomil Manchev, the owner of Bulgarian energy company Risk Engineering acquired 13.44% in Rubin glassware factory in Pleven, northern Bulgaria, on the Bulgarian Stock Exchange, it was reported on 27 November 2003. Manchev bought the minority stake from the plant“s majority owner, Delta Com Holding Group, controlled by Yurii Angelov. The Pleven-based glass maker posted sales revenue of over BGL 20 million (USD 12.2 million/EUR 10.2 million) for January to September 2003. Manchev is currently in negotiations with an Austrian investor interested in acquiring the controlling stake in the glass factory. The deal is most likely to be concluded by end-2003. Rubin posted a BGL 1.313 million (USD 799,000/EUR 670,000) profit for the period January to September 2003. The plant has outstanding debts of some BGL 23 million (USD 14 million/EUR 11.7 million). Rubin exports glassware to Greece, Macedonia, Kosovo, Serbia and Montenegro, Romania, Armenia and Moldova. Exports accounted for 26.73% of Rubin“s 2002 output. Local glass manufacturer Dzruzhba, created by the merger of the Druzhba plant in Plovdiv and Stind glassworks in Sofia, both controlled by Greek Gioula Glassworks, is Rubin“s only competitor in the local glass market.