Akb Fores Earmarks 150m Euro For Investment In 2008

Bulgaria’s financial holding AKB Fores will almost quadruple its investments this year to 150 million euro, the owner of the holding Nikolai Banev said at a news conference, as quoted by Dnevnik daily. Investment outlays last year stood at 40 million euro.

The figure for 2008 does not include the investment into a hazardous chemical cargo terminal at the port of Varna, Banev said. The 100 million euro project, which AKB Fores hopes to implement with strategic partners, will be built in a year and a half. Hopes are that it will emerge into the main facility regionwide and deny the competition of its counterpart in Constanta, Romania, he added.

The bulk of the investment funds will be re-invested profit and financing procured from Swiss investment funds. The holding has opted for foreign financing because banking investment funds are still scarce in Bulgaria, the executive said.

Plans of the holding are to build a new factory, to enter the asset fold of AKB subsidiary Polimeri AD. The chemicals company is also intent on raising its capital from 5.3 million leva to 55 million leva.

Another planned investment is the construction of Rock City Mall in Kavarna, on the northern Black Sea coast. It would be owned by the Roussalka Holidays tourist holding, another AKB Fores unit, and would be built in the Chaika complex, whereas the faзade will feature two guitars in honour of the annual rock festivals hosted by Kavarna.

Among holdings within the AKB Fores Holding Group are AKB Fores, AKB Corporation, Roussalka Holidays tourist holding, AKB Konsortium, Foreshim Bulgaria, Elma Fores and Fores Green.propertywisebulgaria.com