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PIRDOP SMELTERY CAPITAL UP WITH USD 60 M
Business | October 12, 2001, Friday // 00:00
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`The Belgian Umicore group, the majority shareholder in MDK Pirdop, will increase the capital of the copper smeltery with USD 60 M,` Deputy Prime Minister and Economy Minister Nikolay Vassilev said. The Bulgarian Government approved the annex to the contract for the privatization of MDK Pirdop as requested by Umicore. The document will extend the deadline for the fulfillment of the investment commitments until 2004. According to the contract, the owner will invest USD 243 M instead of USD 220 M in the Bulgarian enterprise. `I am generally skeptical towards annexing privatization contracts but in this case I am not since the owner is increasing the investment in the company and the Bulgarian side benefits from that,` Vassilev added. Umicore is interested in investment in cable production, processing of metals and in the creation of a large logistic railway hub on the Balkans. It will be located very close to MDK.
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