Банкеръ Weekly

Briefs

CONGLOMERATE FOR WASTES SET UP

Eighteen Bulgarian and foreign companies have established EcoPack Bulgaria AD, the first local company for recycling of packs. Within two weeks the Ministry of Environment and Waters should issue a licence to the new firm, as per the Act on Wastes Management, published in September 2003. According to its provisions, the recycling could be carried out by a juristic person, registered under the Commercial Code, which does not distribute profit and manages the activities of collection, recycling and use of wastes from packs. The authorized capital of EcoPack Bulgaria is BGN50,000, the Executive Director of Coca-Cola Bulgaria AD (one of the shareholders) Paul Mulligan, said in front of the BANKER weekly. Among the co-founders are also: Danon-Serdika, DevinAD, Unilever Bulgaria EOOD, Shoumensko Pivo AD, Tetra Pack Bulgaria EOOD, Agrima AD, Florina Bulgaria AD, Pobeda AD, and Ficosota Sintez AD. The new company has a one-tier management system and a 9-member Board of Directors, chaired by Paul Mulligan. The BoD has appointed two executive directors: Tsvetan Luzhanski (Chairman of the Management Board of Royal Foods Holding, part of which is Devin AD) and Jaque Ponti (Executive Director of Danon Sofia). In the near future the managers of the joint-stock company will present their short-term programme about how they intend to gather wastes from packs. Their projects have been developed jointly with several municipalities. One of the main purposes of the discussed long-term strategy of the new company will be the attraction of other shareholders and the establishment of a lasting partnership with companies, recycling wastes. The processors of scraps also united two weeks ago, the BANKER weekly learned. The Union of Scraps Processing Enterprises was co-founded by eight big companies, among them Chimik AD - Assenovgrad, Polyhart AD and Papir BG AD, which collect, transport, and process scraps.We are holding negotiations for the attraction of other members as well, like the Paper Mill - Stambolijski, the organisation's Chairman Krassimir Katsarov (who also chairs Chimik's BoD) explained. Each one of the co-founders has a permission for that kind of activity, which allows it to utilize part of the incomes of the National Fund for Environmental Protection, Mr. Katsarov said in front of the BANKER weekly. By the end of 2004 producers are obliged to recycle or utilize at least 20% of the scraps, in 2005 - at least 25%, in 2006 - 32%, and in 2007 - 39 per cent.

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