Recapitalization of "Aluminij" for Fresh Capital and Company Rescue

Finding a way out of the current crisis at Mostar's "Aluminij" was the main topic of the meeting between the Prime Minister of the Federation of BiH Nermin Nikšić and the Minister of Energy, Mining and Industry Erdal Trhulj, and representatives of all parties interested in the Mostar combine, the largest exporter from BiH, reports Patria.

Partners and owners such as "Glencore" from Zagreb, TLM-TVP from Šibenik and the Government of the Republic of Croatia, "Feal" and "Primorka" from Široki Brijeg, MAL "Grizelj" from Grude, the association of minority shareholders of "Aluminij", as well as acting director Nikica Ljubić and Supervisory Board President of "Aluminij" Mehmed Jahić presented their opinions on ways to overcome the crisis.

All agreed that all legal possibilities should be used to save the Mostar combine and retain existing jobs, and to create a stable framework for positive business operations. Furthermore, interest was expressed in recapitalizing the Mostar combine with fresh capital to settle debts and maintain production stability.

Conclusions were reached to prepare a detailed work plan for "Aluminij" with possibilities for increasing production, a plan for technological changes in terms of saving electricity consumption, and the renewal of existing production capacities.

Additionally, the Management Board was tasked with creating a work schedule for the Combine and outlining the financial needs for the implementation of this plan over the next five years. All interested parties present at today's meeting are obliged to submit a written statement on recapitalization, conditions, and general possibilities by Wednesday, May 14th, in order to implement the five-year plan.

It was emphasized that it is necessary to collect offers from all other parties that have expressed interest in the recapitalization of "Aluminij".

Tomorrow, a meeting will be held in Mostar with the Combine's creditors with the aim of unblocking accounts, and another meeting of interested parties is scheduled for next Friday, reports NAP.