Lev Corporation Books 50 Mln Leva Profit for 2007

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Lev Corporation Books 50 Mln Leva Profit for 2007

Lev Corporation booked 50 mln leva (25.56 mln euros) profit for 2007, it emerged after the general shareholders' meeting of the company, held yesterday. The entire profit will be reinvested in the subsidiaries of the company.

Lev Corporation is currently implementing an integrated information system for proactive business management, worth more than 3 mln leva.

The shareholders also decided to allocate 1 mln leva (511,300 euros) for the development of the corporate training center of the company, which was established in the spirit of EU's Lifelong Strategy for Learning. Executives and middle managers of the company are constantly undergoing training programs to improve their qualification.

Lev Corporation's subsidiaries launched 15 projects in 2007 in the fields of transport, tourism, food industry and machine-building. The total value of the projects exceeds 20 mln leva (10.22 mln euros).

The shareholders of the company voted in favor of the board of directors' proposal for the acquisition of a majority stake in insurance company Lev Ins. The latter is a leader on the market in terms Thurd Party Motor Liability insurance and holds a 41.33-percent stake of the financial risk insurance market.

The shareholders of Lev Ins also decided that the company will float shares on the Bulgarian Stock Exchange (BSE).

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