EnglishElpreco SA - Craiova shareholders have decided to set up Severin Imob SA and split the assets with the newly established company, according to an announcement quoted by NewsIn. The new company will be located in Bucharest and be tasked to manage property. Elpreco SA will maintain the current line of businesses, namely the production of construction prefabs.
After the split, Elpreco SA will have a share capital of 9.9 million RON, whereas Severin Imob SA will have a share capital of 1.2 million RON divided into 12 million shares with a face value of 0.1 RON. Elpreco SA is 71.20% property of Broadhurst Investments Ltd, managed by New Century Holdings. Elpreco SA spent 4.5 million EUR last year on a new tube production line and 7 million EUR in 2004 on a concrete brick production line with technology from Scholz - Germany. The roof tiles production line was upgraded with a 1 million EUR investment completed in May 2005.
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