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Albena Jsc, which manages Bulgaria's resort Albena, has frozen its investment plans for 2009.
The Bulgarian company "Albena" Jsc has decided to freeze its investment program for the rest of 2009 over the effects of the global financial crisis.
The general assembly of the Albena shareholders decided Saturday to give out a dividend of BGN 0,5 per share, while the Board of Directors wanted to place all of the profit in the reserve fund.
Albena's 2008 profit was BGN 13,885 M, which is a 22% declined compared to the BGN 17,729 M in 2007.
In 2008, the company invested about BGN 55 M in various projects. The investments planned for 2010 so far are EUR 1 M for the design of a new wellness and spa hotel complex.
Albena's tourism investments are going to be concentrated on congress tourism aiming to make this sector about 20-30% of its total tourism assets.
The company also plans the construction of a hyper modern festival complex to be ready in 2014, an investment which is expected to cost about EUR 30 M.
Albena Jsc manages one of Bulgaria's top Black Sea resorts, "Albena".
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