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Balcem Increases Charter Fund By USD 0.97 Mln To USD 1.09 Mln.

Balcem Increases Charter Fund By USD 0.97 Mln To USD 1.09 Mln.

11 November 2008

At their AGM, Balcem shareholders adopted the results from a subscription for an additional share emission. The attracted money will be used to boost working capital. The company also reported an increase in cement production by 48.4% yoy in October to 242.7 ths mt. Last year Balcem increased net revenues by 25.1% to USD 45.9 mln, and posted net loss of USD 5.4 mln. Almost 97% of Balcem’s shares belong to Eurocement group (Russia), which also recently bought a ~90% stake in the Kramatorsk Cement Plant, Pushka.

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