Balfin Group, led by Albanian businessman Samir Mane, has also bought back Euromax retailer which it founded in 2005
TIRANA, Jan. 30 – TIRANA, Jan. 30 – Albania’s Balfin Group has acquired the Albanian subsidiary of Austria-based DCM Decometal which since 2007 has been operating the Bulqiza chromium mine, the country’s biggest. The transaction is revealed in an announcement by the Competition Authority which confirms Tirana-based Balfin Group, one of the biggest enterprises in Albania known for the development of shopping malls and its chain of retailers, has acquired Albanian Chrome, the Albanian subsidiary of Austria based DCM Decometal. The Authority says Balfin has acquired 100 percent of Albanian Chrome’s shares for an undisclosed amount.
Since February 2007 DCM has been producing high grade chrome ore from the Bulqiza Mine in northern Albania. The mine employs 660 people and currently has an annual output of 82,000 tonnes of the lumpy ore and fines, at a grade of 40-45% chromite. DCM planned to invest approximately 15 million euros in extending the reserve base, improving the work and safety conditions for miners and increasing production capacity to approximately 100,000 tonnes.
Austria’s Albanian Chrome had failed to improve working conditions for Bulqiza miners who have been staging continuous strikes. Back in 2011, work was suspended for more than one month due to a massive hunger strike. The Albanian Economy Ministry fined ACR Lek 56 million (Euro 400,000, USD 560,000) for failing to make compulsory investments under the concession contract it has with the Albanian government. The ministry had earlier partially suspended Albanian Chrome’s licence for Zone D after a working group identified problems on working conditions risking employees’ safety and health and damaging the environment.
Balfin Group, led by Albanian businessman Samir Mane, is also reported to have reacquired Euromax retailer, which he founded in 2005 and sold to Delta Group of Serbia in 2008. Mane reacquired the retailer from Delhaize Group, the Brussels-based retail conglomerate, which in mid-2011 entered into an agreement to acquire the Serbian retail company Delta Maxi Group, which operates about 450 stores in five southeastern European countries, including Albania with 16 Euromax supermarkets.
The Group is known for its shopping mall investments such as QTU and TEG in Tirana and most recently the Skopje City Mall in Macedonia. Tirana Logistic Park, a Euro 40 million investment by Albania-based Balfin Group and the Albanian-American Enterprise Fund is also under construction.
Known for its innovation, Balfin was the first company to develop the concept of chain stores in Albania, the first to develop a shopping mall and the first to develop a Logistics park.
The Rolling Hills Villas, a Euro 40 million proect of 110 luxury villas just outside Tirana, is Balfin’s innovative development.
