Monbat Gives 2.5 Mln Euro Loan to Romanian Subsidiary

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Following a decision of the management bodies of Monbat AD-Sofia dated June 7, 2007, Monbat AD-Sofia, the sole owner of the capital of Monbat Recycling Ltd, Romania gives the Romanian company a loan in the amount of 2.5 mln euro, BSE announced.

The credit is for a period of 1 year, starting 11 June 2007 and the interest rate is 8%.

The subsidiary will use the loan for the purchase of land and for the building of factories, warehouses and administrative buildings and infrastructure, for the construction of a plant for recycling of acumulators and lead scrap, lead alloys, polyethylene, polypropylene and for the production of lead, lead alloys, and polyethylene and polypropylene materials.

Meanwhile Monbat Pls Doo Indjija- Serbia will increase capital from 2.085 mln euro to 2.285 mln euro for which Monbat AD will provide 200,000 euro.

The Bulgarian company will invest another 2.965 mln euro in its subsidiary which will be used for the purchase of plant and metallurgical plant equipment.

A new technological line for recycling of old acumulators will be purchased from Engitec Technologies S. p. A. Novate Milanese – Italy and metallurgcal furnaces will be purchased from BG Industries Tournes – France.

Prista Oil controls 68.3% of the capital of Monbat AD and Monbat Trading has 7.06%.

A total of 6,440 shares of the company have changed hands so far today at an average of 12.20 leva/share.

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