Salavatsteklo plans to buy the Caspian Sheet Glass Plant

A major Russian manufacturer of flat glass - Salavatsteklo JSC (Bashkiria) plans to buy a bankrupt glass production in Dagestan. The company sent a request to the FAS Russia for the purchase of a 100% stake in Caspian Sheet Glass Plant JSC, Interfax reports with reference to these services.

In 2015, the Dagestan glassworks filed for bankruptcy. Since January 2016, the company introduced external management, in February 2019 - bankruptcy proceedings. Previously, bankrupt property has already been put up for auction. In February, the largest lot worth 6.4 billion rubles, including the production assets of the enterprise in the village of Tyube (held by VEB.RF), did not find a buyer. In June, the sale price of the plant’s assets was reduced to 5.7 billion rubles.

VEB funded the construction of a sheet glass factory in Dagestan in 2010. In 2015, the company reached its full capacity - 600 tons of high-quality sheet polished glass per day under the Caspian Crystal Clear brand name. In 2016, the plant was corporatized, VEB received 100% of the shares as part of the settlement of bad debts. In fact, the bank’s participation in the project exceeded 15 billion rubles, the agency said. The bank planned to normalize the activities of the enterprise and later sell it to the investor.

As of January 2020, according to SPARK-Interfax, Cyprus's Geodar Trading Ltd and Truck Provider Service Ltd. each owned 50% of the plant’s shares. In June, the creditors of the company decided to begin the search for the assets of the owners in Cyprus in order to legalize the decisions of the Moscow arbitration court in collecting the debt from the owners of the plant in the Cyprus authorities. At the end of 2019, the company received a net loss of 1 billion rubles, revenue decreased to 3 billion rubles.

“Salavatsteklo” belongs to the group of enterprises of the Bashkir businessman Radik Sultanov. The group includes Saratovstroysteklo, UZEMIK and Iskozh.

Source: https://www.kommersant.ru/