STOMANA INDUSTRY TO RAISE CAPITAL TO $25 M

Business | July 4, 2001, Wednesday // 00:00| Views: | Comments: 0

`The joint venture between Eurometal, leaseholder of the core assets of Somana-Pernik, and Greece`s Sidenor, which is part of Viohalco Holding, will raise the company`s capital from $10 M to $25 M in two months`, Lyudmil Stoykov, manager of Eurometal, which holds 25% of Stomana Industry, announced. There are plans for the capital to be increased to $50 M next year with most of the funds being invested in the production modernization. $40 M of direct investment will be made in the next three years. The company intends to increase the annual production from 45,000-47,000 tons of metals to some 60,000 tons.
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