Tec Miaco fails to find investor

Chicken industry company Tec Miaco Romania, which went into receivership last year as a result of its 16 million euro debts, has failed to attract an investor. "An auction was held this week to sell some of the Avicola Crevedia assets that had been pledged as security for 2 million euros, but no one turned up," said Marius Iliev, the Tec Miaco Romania chairman. According to Iliev, Tec Miaco generated 24 million euros in turnover in 2004, 75% of what it made in 2003, and is expecting 2005 to be similar to 2004. Industry sources believe two separate groups of Lebanese investors are interested in taking over part of the Tec Miaco business - one of the groups is related to the former technical director and minority shareholder of Agrisol International, Malouf Bechara, while the other comprises the owners of the Toneli Group. ZF