ΣΙΔΕΝΟΡ ΕΤΑΙΡΙΑ ΣΥΜΜΕΤΟΧΩΝ ΑΝΩΝΥΜΗ ΕΤΑΙΡΙΑ
ANNOUNCEMENT
SIDENOR S.A. informs the investment community that pursuant to the Group's strategy for further enhancing its presence in the Balkan markets and expanding its distribution network for its products, the company has completed all procedures to acquire port facilities at the Svishtov area in Bulgaria. The ABOVE INVESTMENT was realized through PORT VIDIN NORTH S.A. (a STOMANA INDUSTRY S.A. subsidiary), which was renamed to PORT SVISHTOV WEST.
Pursuant to the resolutions of the Extraordinary General Meeting of its shareholders, PORT VIDIN NORTH S.A. completed a share capital increase by Euro 3,699,964 (BGN 7,236,500) through payment of cash. STOMANA INDUSTRY participated in the aforementioned share capital increase by the amount of Euro 2,699,979 (BGN 5,280,700) and thereafter owns a 72.97% stake in PORT VIDIN NORTH S.A., while the remaining 27.03% belongs to German based PREYMESSER GMBH, which owns port facilities as well as logistic centers along the Dunabe river and has gained substantial experience in managing products and materials trafficking via rivers. Upon completion of the aforementioned share capital increase, PORT VIDIN NORTH S.A. share capital amounts Euro 3,725,528 (BGN 7,286,500) divided into 72,865 common registered shares of par value euro 51.1 each (BGN 100).
The aforementioned acquisition includes the acquisition at first of property amounting 27,800 sq. m. in total surface with fully functional dock facilities and equipment as well as the acquisition of further land amounting to 46,500 sq. m. in total surface that will be used for future expansion of the existing dock facilities. The port facilities are located on the river Danube, which facilitates cargo transportation from Bulgaria to the rest of Eastern and Central Europe.
The above investment is in line with Group SIDENOR?s standard policy for further development of the international markets as well as the expansion of its activities. Moreover, it is highlighted that the aforementioned port facilities will also service the needs of the rest of VIOHALCO's companies.
Pursuant to the resolutions of the Extraordinary General Meeting of its shareholders, PORT VIDIN NORTH S.A. completed a share capital increase by Euro 3,699,964 (BGN 7,236,500) through payment of cash. STOMANA INDUSTRY participated in the aforementioned share capital increase by the amount of Euro 2,699,979 (BGN 5,280,700) and thereafter owns a 72.97% stake in PORT VIDIN NORTH S.A., while the remaining 27.03% belongs to German based PREYMESSER GMBH, which owns port facilities as well as logistic centers along the Dunabe river and has gained substantial experience in managing products and materials trafficking via rivers. Upon completion of the aforementioned share capital increase, PORT VIDIN NORTH S.A. share capital amounts Euro 3,725,528 (BGN 7,286,500) divided into 72,865 common registered shares of par value euro 51.1 each (BGN 100).
The aforementioned acquisition includes the acquisition at first of property amounting 27,800 sq. m. in total surface with fully functional dock facilities and equipment as well as the acquisition of further land amounting to 46,500 sq. m. in total surface that will be used for future expansion of the existing dock facilities. The port facilities are located on the river Danube, which facilitates cargo transportation from Bulgaria to the rest of Eastern and Central Europe.
The above investment is in line with Group SIDENOR?s standard policy for further development of the international markets as well as the expansion of its activities. Moreover, it is highlighted that the aforementioned port facilities will also service the needs of the rest of VIOHALCO's companies.