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Abraham Group Getting Closer to Acquiring Aluminij 

Aug 2020 | Source: BETA
Abraham Group Getting Closer to Acquiring Aluminij 

The Supervisory Board of Mostar-based aluminum plant Aluminij has supported an offer made by an Israeli-Chinese group led by M.T. Abraham Group. The Supervisory Board of Mostar-based aluminum plant Aluminij has supported an offer made by an Israeli-Chinese group led by M.T. Abraham Group. According to the offer, Aluminij's facilities would be leased, with an additional request to hire over the next five years all 900 workers who worked at the factory at the time of its shutdown. Aluminij representatives said on Feb. 5 that the Supervisory Board has scheduled an Assembly session for Feb. 21 at which the offer for leasing the facilities will be decided on, the website B92 reports. The Assembly includes representatives of the government of the Federation of Bosnia and Herzegovina, which is the single biggest owner with a 44% stake; workers also hold 44%, while the Croatian government controls 12%, the Hina news agency reports. The Supervisory Board asked that amendments be added to the contract with the Chinese-Israeli group which would bind the investors to rehire all 900 workers over a period of five years. The last workers left the factory in late January and called on the federal government to accept the Chinese- Israeli group's offer to relaunch production. M.T. Abraham Group President Amir Gross Kabiri said recently that he would first launch the foundry and then gradually attempt to launch the anode and electrolysis facilities, which are the biggest electricity consumers. Aluminij stopped operating in July, after its power was cut due to debts that had reached EUR220m. 

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