Банкеръ Weekly

Briefs

ALBENA INVEST HOLDING - WITH A VISION TO THE EU

Albena Invest Holding will begin to modernize its hotels, the company's Executive Director Boyko Nedyalkov announced at a press conference on Thursday (June 19). According to him, the holding will thus take the challenges which Bulgarian business faces in connection with the country's acceptance as a full-fledged member of the European Union (eu) in 2007. The company's profit for 2002 was BGN2.1MN, but only 39% of it will be distributed in dividends, and the balance will be reinvested. Each stockholder will get BGN0.15 in dividend per share. (The holding's paper are currently traded on the stock exchange at about BGN1.50/piece.)The decision for the distribution of the company's profit was made at the general meeting of its shareholders on June 13, when some replacements in the holding's Supervisory Board were made as well. Svetlana Vassileva, Managing Director of bTV, is the new member, replacing Ivan Kalinkov, who headed the company's Management Board. In the words of Boyko Nedyalkov, Albena Invest Holding's target this year will be to achieve the company's results for 2002, adding that the performance so far has been worse than last year, but this could be explained by the competition which has become stronger, especially along the Black Sea coast. The holding intends to invest about BGN35-40MN by the end of 2003 in the construction of two 4-star hotels in the seaside resort and in the reconstruction of the Kiev hotel.

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