The Malta-based company is held by New Europe Capital, that administers the Cypriot private equity funds RC2 and Romanian Investment Fund (RIF) that holds the local paint manufacturer Policolor.

Whitebeam Holdings Limited, Tidal Wave Training and Policolor that hold a combined stake of 64% in Orgachim JSC offered a bid to minority shareholders in the Bulgarian company of 87 leva/share (€44.5) to buy their stock holdings, Dnevnik publication informs.

Previous bids to minority shareholders stood at 85 (€43.5), and 86 leval/share (€44) respectively. However, the two bids were blocked at the Financial Supervision Commission - CSF. Also, many minority shareholders rejected the bids for being too low.

CSF didn’t express its view on the latest bid offered by majority shareholders, which means the minority shareholders will have to make a decision within 30 days. According to a joint statement by Orgachim JSC managers posted on the company’s website, the latest offer to minority shareholders was a fair one.

Recently, Ion Florescu, chief executive of New Europe Capital said it was not the best timing for the sale of paint-maker Policolor, given the lackluster constructions industry.

“It is not the best moment to sell a construction material manufacturer. We are not considering a sale of Policolor”, Florescu told The Money Channel.

In early 2008, Policolor shareholders announced plans to exit Policolor equity ownership in 2-3 years’ time. RC2 acquired interest in Policolor SA in 2007, when the paint-maker shares were floated at the Bucharest Stock Exchange. After repeated stake increases in the company, shareholders agreed to delist its shares.