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Slovenia sells car parts maker Cimos to Italy's Palladio
May 18, 2017 / 2:14 PM / 7 months ago

Slovenia sells car parts maker Cimos to Italy's Palladio

LJUBLJANA, May 18 (Reuters) - Slovenia has sold state-owned car parts maker Cimos to TCH, part of Italy’s investment fund Palladio Holding Group, state-owned bad bank Bank Asset Management Company (BAMC), which coordinates privatisations, said on Thursday.

It said Palladio paid 100,000 euros for Cimos and ensured another 18.3 million euros of capital that would be partly used to modernise production and partly for repayment of some of Cimos’s debt.

Later in May Palladio will give Cimos a further injection of fresh capital to the value of 15 million euros, BAMC said.

Slovenia has been reluctant to sell its major companies and banks in the past so the government still controls about 50 percent of the economy.

However, it plans to sell 50 percent of its largest bank Nova Ljubljanska Banka, which was rescued by the state in 2013, through an initial public offering by the middle of June. (Reporting By Marja Novak, editing by David Evans)

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