A general meeting of shareholders in SS Konstantin&Elena, the company that owns and operates three hotels in the eponymous coastal resort, approved on Thursday a proposal for the acquisition of fixed assets. Insiders believe that the property which the company will buy is part of a strategic expansion of its tourist business. The shareholders adopted an annual report on the company's financial performance and decided not to distribute a dividend for 2003. According to company data posted on the website of the Sofia stock exchange, H1 profit totalled 266,000 levs versus a loss of 119,000 levs for the year-ago period. Proceeds increased more than five-fold, to 2.5 mln levs. The resort is expected to do well in the remainder of 2004 considering the good occupancy rates. In the period under review the company disposed of assets to the total worth of 1.6 mln levs and acquired for 500,000 levs full ownership of Varna-based Alaggio which operates a casino in the resort. On Thursday the company closed unchanged at 1.30 levs on the local bourse after more than 4,600 shares changed hands. St St Konstantin&Elena, which last year was transformed into a holding company with the purpose of improving its management, is pursuing an aggressive investment policy and has spent over 23 mln levs on its brand-new 500-bed hotels Astera in the resort of Zlatni Pyasutsi and Azalia in the SS Konstantin&Elena resort.