"Mogotex" invested more than 5 billion rubles in the Vitebsk Silk Fabric Combine
JSC "Vitebsk Silk Fabric Combine" will be merged with Mogilev JSC "Mogotex". This decision by the "Bellegprom" concern has undergone the approval procedure, albeit on the third attempt, at the recent extraordinary general meeting of shareholders of the silk combine. The legal formalization of asset consolidation will take more than one month, so the Vitebsk weavers will still work in 2013 as an independent legal entity.
In an exclusive comment for "Vitebskiye Vesti", the General Director of "Mogotex", Viktor Matiyevich, noted that the repeated shareholders' meeting was necessitated by the need for additional legal assessment of the merger, as not all points of the concern's decision had been fulfilled.
– "Mogotex" will focus on the positive aspects of the Vitebsk combine's operations identified by the production and financial audit, and when making decisions, we will be guided by the criteria of expediency and efficiency of its development, – emphasized Viktor Arkadyevich.
However, the head of "Mogotex" refrained from more detailed comments on the future fate of VKSHT at this stage. Following a recent meeting with the participation of the management of the "Bellegprom" concern and the two enterprises, a protocol of actions regarding the merged structural unit was drawn up. "Until its adoption, the content of the document cannot be disclosed," explained Viktor Matiyevich.
Meanwhile, the Mogilev enterprise is already establishing cooperation with its Vitebsk colleagues. As reported to "VV" by its director, Yevgeny Sheverdak, specialists are currently studying the situation, including the equipment utilization. This year, "Mogotex" has invested more than 5 billion rubles in the Vitebsk enterprise, in particular, addressing raw material supply issues and regulating VKSHT's relations with creditors. By the way, before moving to Vitebsk, Yevgeny Alexandrovich worked within the "Mogotex" structure, including as Deputy General Director.
While the situation at the combine is far from financial stability, the debt to banks alone exceeds 13.6 billion rubles. Much work remains to be done to achieve break-even operations, including modernization, although, according to Evgeny Sheverdak, quality products can be produced even with the existing material and technical base. There is also new imported equipment that allows for efficient production.
It should be added that shareholders of OJSC "Vitebsk Silk Fabric Combine," along with the state, include over 1.5 thousand individuals. According to Art. 78 of the Law of the Republic of Belarus "On Business Companies," shareholders have the right to demand the redemption of their shares if they voted against the decision to reorganize the joint-stock company or did not participate in the general meeting of shareholders at which such a decision was made. From the moment it is adopted, 50 days are allocated for submitting an application for the redemption of securities, and another 60 days for the transaction itself. The share redemption price is set at 4689 rubles. Shareholders who do not wish to part with their VSKhT securities will subsequently be able to exchange them for "Mogotex" shares.
Sergey Kochetov, Vitebskiye Vesti