News

Industrial Holding Bulgaria to invest in marine ops

The nation's financial regulator has approved the prospectus for the capital increase from 26.254 mln to 43.757 mln levs.

The company plans to float 17.5 mln new shares with an issue price of 2.40 levs per lot. The operation could raise up to 41.7 mln levs.

According to the prospectus, the rights issue will trade October 29-November 8 while the new shares will be subscribed October 19-November 12.

The holding intends to invest in new equipment for its ship-building subsidiary Bulyard Ship-building Industry. The 2007 investment program of the shipyard is worth 7 mln euro and includes the purchase of new equipment and the construction and outfitting of new blasting and painting chamber.

KRZ Port-Burgas, another holding subsidiary, is launching the extension of one quay wall and the reinforcement of the existing one.

The western end of the port will handle grain shipment while the rest of the facility will operate as a general cargo area.

The three-year port expansion project is worth around 23 mln levs. It will absorb some 2.5 mln levs from the capital hike proceeds.(Dnevnik)