Bulgartabac Holding's 2008 Investment Program Worth 25.3 Mln leva

Bulgartabac Holding's 2008 Investment Program Worth 25.3 Mln leva

Bulgartabac Holding's 2008 investment program has been developed in order to provide for the successful implementation of the subsidiaries' business programs, the company stated in its audited report filed with BSE.

This year the company has been hurt by problems related to the rising excise duty and unfair competition after the EU accession.

Bulgartabac plans to invest some 25.261 mln leva (12.9 mln euros) this year, which includes 15.451 mln leva new investments and 9.486 mln leva for reconstruction and modernization.

Some of the funds will be allocated to completion of tasks already started (such as the prodiction of slim cigarettes in Sofia BT) and the rest will be spent on introduction of new technologies in Blagoevgrad BT and Sofia BT.

The main objectives of the program are introduction of the latest technologies in tobacco processing and cigarette production in order to improve quality, to cut on energy costs, to reduce prime cost, to meet all EU standards etc.

The company also aims at developing new products in order to sustain its market share in Bulgaria and on foreign markets.

Last year Bulgartabac spent a total of 12.308 mln leva (6.29 mln euros) on advertising, the data also shows.

There have been no transactions involving the company's stock on BSE so far today, bids are currently 28.90 and asks at 29.99 leva.

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