Rousse Shipyard JSC Completes BGN 60 M Capital Hike

Business » INDUSTRY | April 13, 2011, Wednesday // 16:45
Bulgaria: Rousse Shipyard JSC Completes BGN 60 M Capital Hike Rousse Shipyard JSC has completed a BGN 60 M capital hike and has undergone a management reshuffle. Photo by BGNES.

Rousse Shipyard JSC has completed a BGN 60 M capital hike and has undergone a management reshuffle, the company announced.

The improvement in the company's financial condition will allow it to settle some of its debts, the chairman of the company's management board Todor Palazov and executive director Stoyan Marinov said in an official statement, specifying that this will enable the company to implement its production program related to the signing of contracts for the construction of new ships.

About two months ago, a change in ownership at Rousse Shipyard JSC was reported. It was announced that a group of five companies is the new owner, but the names of the companies were never revealed officially.

As a result of the management reshuffle at Rousse Shipyards JSC, Stoyan Marinov was appointed executive director of the company, the media statement informed.

Apart from its regular customers from Germany and the Netherlands, Rousse Shipyard JSC seeks to establish business contacts with new partners, including ones from the rapidly developing market in Russia, the statement went on to say.

Rousse Shipyard JSC is to deliver Wednesday a new ship built for Dutch company Rederij Wantij B.V ..

The Rousse Shipyard was founded in 1881. In April 1999, it was was privatized by Rousse Shipyard Beteiligungsgesellschaft mbH – Germany.

In the past few months it saw intermittent protests by its workers over delayed salaries and reduced social benefits.

In early January 2011, the workers from the Rousse Shipyard Jsc declared civil disobedience as they had not received their salaries for three months. Dozens of workers are reported to have already left the plant despite the unemployment precisely because of the irregular payments.

The new unnamed shareholders of the Danube shipyard have declared their intention to continue to develop the basic activities of the plant – shipbuilding and ship repairing. They also said they are going to consolidate and capitalize the assets of the company, and have committed to securing funding for the shipyard, including from international financial institutions, and to regular payment of the salaries.

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Tags: Rousse Shipyard JSC, Ruse, civil disobedience, delayed salaries

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