Bulgaria’s financial holding AKB Fores will almost made fourfold its investments this year to 150 million euro, Nikolai Banev- the owner of the holding said at a news meeting, as adduced by Dnevnik daily. Investment expenses last year was at 40 million euro.
The figure for 2008 does not include the investment into a precarious chemical cargo terminal at the port of Varna, Banev told. The 100 million euro plan, which AKB Fores hopes to implement with strategic partners, will be erected in a year and a half. Expectations are that it will emerge into the main facility regionwide and disprove the competition of its counterpart in Romania and Constanta, he added.
The bulk of the investment funds will be re-invested benefit and financing obtained from Swiss investment funds. The holding has choosed for foreign financing because banking investment funds are still insufficient in Bulgaria, the executive told.
Projects of the holding are to erect a new factory, to enter the asset fold of AKB accessory Polimeri AD. The chemicals company is also intent on raising its capital from 5.3 million leva to 55 million leva.
Another projected investment is the erection of Rock City Mall in Kavarna, on the northern Black Sea seaside. It would be owned by the Roussalka Holidays tourist holding, another AKB Fores unit, and would be erect in the Chaika complex, whereas the façade will feature two guitars in honour of the annual rock festivals hosted by Kavarna.
Among holdings within the AKB Fores Holding Group are AKB Fores, AKB Corporation, Roussalka Holidays tourist holding, AKB Konsortium, Foreshim Bulgaria, Elma Fores and Fores Green.