MG CORPORATION EXPAND ACTIVITIES

Business | June 10, 2001, Sunday // 00:00

The MG Corporation invested DM 40 M in St. Elias complex in the resort of St. Constantine on the Black Sea coast. DM 70 M are planned to be invested in the development of tourism on the Black Sea, MG Corporation President, Ilia Pavlov said. There will be 2 000 new beds on the North coast and 600 new beds on the South coast, Pavlov specified. We intend to build a vacation village `Robinson` for the next summer. The MG Corporation is intended to play an active investor`s role in Serbia, Greece and Cyprus. MG Corporation will provide 35-45% of the investments by its own funds, 20-25% will be invested by tour-operators and the rest will come from banks, Nikolai Valkanov, Executive Director of the Corporation, said. MG Corporation, formerly Multigroup, is still one of the largest Bulgarian private commpanies, mainly focused recently on tourism and industry.

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