Khlibprom Announces Investment Plans
19 March 2008
One of Ukraine’s largest bread makers, Khlibprom (HLPR) has published a USD 45.2 mln plan for 2007. According to the plan Khlibprom will spend USD 21 mln on expanding its bread making capacity, USD 6.3 mln on modernizing its existing bakeries, USD 4.4 mln to build a new grain mill, USD 2.4 mln to improve its chain of shops and USD 9.9 mln to refinance its local bonds. USD 30 mln of this amount will be provided by the Internation Financial Corporation (IFC) and the remaining sum will be provided by Universal Group, Khlibprom’s holding company. Khlibprom’s investment plans are set to be approved by the company’s shareholders at the end of April. Universal Group is currently in talks with the IFC for the sale of a 5-10% stake in the company. Universal Group also controls Galnaftogaz (GLNG: HOLD) and Universalna Insurance (SKUN).
