17 December 1998: According to a recent press report, the German company Vetrotex, which holds 79% of Vertex, the largest Czech producer of glass fibre and fabrics, made an obligatory offer to purchas…
17 December 1998: According to a recent press report, the German company Vetrotex, which holds 79% of Vertex, the largest Czech producer of glass fibre and fabrics, made an obligatory offer to purchase Vertex shares from minority shareholders for Kcs 3,075 per share. The offer is to be valid till February next year, and could effect owners of about 10% of Vertex shares. Vetrotex is a subsidiary of France“s Saint-Gobain, which took up its ownership rights in Vertex at an extraordinary general meeting on 30 October on the basis of an April contract on the sale of about 90% of Vertex shares, which were held by Komercni banka, IKS Komercni banka and SIS. Last year, Vertex saw revenues of Kcs 2.5 billion and grossed Kcs 225 million. This year it expects revenues of Kcs 3 billion and a gross profit below Kcs 300 million. Exports account for 80% of revenues. Vertex has share capital of Kcs 1.7 billion and employs 1,500 people.