Hajiyankov: There Will Be Enough Money For Road Building in the Next 6-7 Years

Hajiyankov: There Will Be Enough Money For Road Building in the Next 6-7 Years

There will be enough money for road building in the next 6-7 years, Orlin Hajiyankov, Holding Roads () chairman told the media.

„Roads will be build and Holding Roads will be one of the main players in the business,“he added. In his words there is so much work to be done in Bulgaria that local companies will not be able to cope by themselves.

The holding intends to offer a public-private partnership to the government for the completion of Trakiya highway (a 117 km track between Stara Zagora and Karnobat).

„The holding and its subsidiaries are able to build the highway alone,“ Hajiyankov said. „But the more we delay the construction, the more expensive it will be.“

Roads Stara Zagora EAD opened its new office today. The company's core activity is the management of two infrastructures of national importance – Trakiya highway and Maritza highway.

We remind that the highway track, which is already completed cost 1.9-2 mln euros/km, while the price now varies between 2.5 – 2.7 mln euros/km. If construction gets delayed by more than a year, the price may go up to over 3 mln euros/km.

Holding Roads expects 2008 net consolidated profit to come to 41.7 mln leva (21.3 mln euros) and revenues to amount to 202 mln leva (103 mln euros), Hajiyankov also said. The company will use the money to make investments and to pay dividend to shareholders.

The company has assigned a general meeting of shareholders in June, which is to vote a proposal to raise capital from 432,000 leva to 30.67 mln leva (15.68 mln euros). 30.24 mln new shares will be issued for the purpose and each shareholder will receive 70 new shares to each one they hold.

The holding's investment program till end of June and beginning of July is valued at 15 mln euros. If the mortgage crisis does not have a very bad impact on Europe and more specifically on Bulgaria, the company will invest a further 42 mln euros this year.

The new asphalt bases this year are three and their total number is 10.

After becoming co-founders of Moststroy Iztok (Moststroy and Holding Roads control 10% of the capital each), which was set up to participate in tenders for public procurement projects in Poland, Ukraine and Russia, now the companies are planning to establish Moststroy West company (Albania, Macedonia, Serbia and Croatia).

The companies are also working on the establishment of a consortium for the construction of the subway in Sofia, Hajiyankov added.

Photo by Profit.bg

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