Bulgarian blue-chip company car battery manufacturer MonBat said on Wednesday it plans to set up a unit to manage its recycling business.
As MonBat has made considerable investments in the construction and modernisation of its recycling facilities, the company’s management board found that this process should be managed by a wholly-owned subsidiary, MonBat said in a statement.
The new unit, MonBat Recycling, will recycle car battery and lead scrap, lead alloys, polyethylene and polyprophylene, produce and trade in lead, lead alloys, polyethylene and polyprophylene materials.
MonBat plans to list the new company on the Bulgarian stock exchange.
Last month MonBat said it plans to set up a dealer in the UK.
MonBat has subsidiaries in Serbia and Romania and the company’s management board is yet to decide whether they would be acquired by the new company unit.
MonBat had a pre-tax profit of 6.2 million levs ($4.5 million/3.17 million euro) for the first five months of 2009, down 54.88% from a year earlier.
MonBat, a component of the Bulgarian bourse's blue-chip SOFIX index, fell 0.43% to 4.62 levs on Wednesday in a volume of 1,369 stocks. The statement was released after the end of the trading session.
(1 euro = 1.95583 Bulgarian levs)
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