Chimcomplex To Invest EUR22M In New Power Unit

11.16.2011 By Florentina Dragu

Romanian chemical plant Chimcomplex Borzesti (CHOB.RO) plans to invest up to EUR22 million in a new thermal power unit, the company said in a statement Wednesday.

The project will be co-financed from European funds, Chimcomplex said.

Additionally, the company wants to borrow EUR8.5 million from Raiffeisen Bank to upgrade its power systems.

The proposals are subject to shareholder approval at a meeting due December 12.

Chimcomplex is 83.8% owned by A2 Impex Ploiesti, a member of the Serviciile Comerciale Romane group, controlled by businessman Stefan Vuza.

On Rasdaq market Tuesday, Chimcomplex closed flat at RON0.26 a share.