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Yioula Glassworks is interested in Stirom Bucharest

Yioula Glassworks Company, Greece“s second glassmaker, may invest in Bucharest-based Stirom glassmaker by the cession of the US$ 3.35 million debt which the Romanian company has with the Bank Assets …

Yioula Glassworks Company, Greece“s second glassmaker, may invest in Bucharest-based Stirom glassmaker by the cession of the US$ 3.35 million debt which the Romanian company has with the Bank Assets Retrieval Agency /AVAB/, AVAB president Ionel Blanculescu said. The initial debt was worth US$ 5.56 million of which Stirom paid US$ 2.20 million. Stirom had a net profit of BGL 1.2 billion in the first 6 monbths of 2001 but, by the increase of the capital with the value of the debt, the profit may reach BGL 300 billion. Stirom“s controlling shareholder is the Stirom employees“ assembly with 50.9%. Other shareholders are Romanian Investment Company with 18.3%, Broadhurst investment fund 7.8% and SIF Muntenia 6.7%. Almost 17% of the shares are owned by natural persons with participations below 5%.

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