Банкеръ Weekly

Briefs

CRYSTAL RESUMES SUGAR PRODUCTION

The Plovdiv-based Crystal will resume processing cane-sugar, company insiders announced. Production stopped four years ago due to the impossibility to ensure rhythmical delivery of raw material and the expensive electricty, supplied by the Sever thermoelectric power plant, which rendered the process unprofitable. Investments worth USD1MN were made during the period of the downtime of the sugar factory which is part of Crystal. The money was spent for the construction of a small steam plant for the needs of the enterprise and a warehouse for storage of unrefined sugar, as well as for an overhaul of the production capacities, whose 24-hour output of white sugar amounts to 250-300 tons. Supply of 15,000 tons of cane-sugar from Cuba, Argentina, Brazil and Australia has been negotiated with the mediation of the New York Commodity Exchange, Crystal AD insiders pointed out. The first shipment from Brazil is expected at the Bourgas port next week. A 55% stake of the company was privatized in 1996 by Sugar Plant - Plovdiv AD, behind which was Multigroup. For three years now Crystal AD has been 100% owned by the businessmen from Plovdiv Vulko Arabadjiev.

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