Business News

Two Foreign Companies Submit Offers for Coatings Maker Helios

Domžale, 20 June (STA) - US multinational PPG and Austrian group Ring International have submitted their binding offers for an almost 73% stake in Slovenian coatings maker Helios which a consortium of owners put up for sale in September.

The news was broken to Helios shareholders at today's annual general meeting by Helios CEO Uroš Slavinec, the Association of Small Shareholders said in a written statement Thursday.

Slavinec said that after three companies had carried out due diligence in the Domžale-based chemicals company last month, PPG and Ring International submitted their bids.

The 72.89% stake is being sold by the consortium of six banks (NLB, Abanka, NKBM, Banka Celje, Gorenjska banka, Probanka), two insurers (Zavarovalnica Triglav, Modra zavarovalnica) and five funds (Sod, Triglav skladi, NFD, Primorski skladi, KBM Infond).

Apart from getting briefed on the sale of the company, Helios shareholders backed a counter-proposal of the Association of Small Shareholders under which they will get EUR 15 gross per share in dividend.

The management and supervisors had proposed that only EUR 2.2m of last year's EUR 5.1m profit be allocated for dividends, or EUR 8 gross per dividend.

The shareholders - almost 70% of the capital was present - granted the management and supervisors discharge of liability for 2012 and appointed Deloitte to audit the company's 2013 operations.

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