Sugar maker "Fabrica de Zahăr Bod" wants to create a LLC

On October 8th, the shareholders of Fabrica de Zahăr Bod will hold an extraordinary meeting to discuss whether the company should get involved in the incorporation of a company called FZB Zahăr Cristal SRL. The company will have a share capital of 200 lei, divided into 20 shares with a par value of 10 lei each, in which Fabrica de Zahăr Bod would hold two shares (10%).

The shareholders are also called to agree on the sale of a building which is the property of the company, which is registered in the Land Book as a building of commercial space, at a minimum price which will be determined through an evaluation performed by an appraiser certified by the ANEVAR.

"Fabrica de Zahăr Bod" last year had a net loss of 15.393 million lei, after posting a net profit of more than 120,000 lei. Last year, the company had total revenues of 92.270 million lei, and total expenses of 107.119 million lei.

Last year, the company"s net turnover was 86.343 million lei, up by one third compared to 2008.

The plant of Bod is included in the overall general strategy for the reinvigoration of sugar production using domestically produced beetroot, approved by the European Union. The Romanian Government issued last year several laws providing subsidies for sugar production. The 2009/2010 harvest yielded 155,057 tons of processed beetroot, from which were obtained 20,546 tons of sugar and related products - 5,12 tons of 50% molasses and 51,179 tons of pulp

The sugar quota allocated by the EU for Fabrica de Zahăr Bod for the year 2009 was 18,406 tons.