Sviloza Pledges to Increase Investments.

08.10.2001 Source: BTA

The Supervisory Board of the Privatisation Agency (PA) has approved the conclusion of a supplementary agreement to the contract for the sale of the Svilosa synthetic fibre works of Svishtov, the PA said in a press release. The owners, a consortium between US company A.R.U.S. Ltd. and Bulgaria's Svilosa-2000 Inc., pledge to increase investments in the enterprise by USD 6.036 million for the 2001-2003 period. Under the contract for sale, signed on February 12, 1999, the buyers agreed to pay USD 7 million for the enterprise and undertook to invest USD 31.2 million over five years. The supplementary agreement increases the latter amount to USD 37.236 million for the same period.