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Expansion of Altex to Bulgaria costs over 40 million euro

Household appliances and electronic and IT&C products retailer Altex has announced it wants to invest 40 million euro to expand to Bulgaria its shop chain.

'In the investment budget for Bulgaria, we come with 10 million euro for 2009 - 2010, plus loans from banks, representing some 75% of the project's value, namely another 30 million euro, plus the providers' contribution', Dan Ostahie, the company's president, told Business Standard. He added a concrete contract has not been signed yet for this, but he intends to cooperate with a Bulgaria-based bank that operates in Romania, too. Ostahie considers the Romanian market is much more attractive than the Bulgarian one, especially the one in Bucharest and the cities with over 300,000 people. In Bulgaria, the company will consider cities such as Sofia, Plodiv or Varna, Ostahie says. The Romanian company wants to enter the Bulgarian market with both its store formats - Altex and Media Galaxy. Altex Romania is operating a total commercial area of some 90,000 sqm in 73 Altex stores and 15 Media Galaxy stores. Altex Romania is also the majority shareholder in Complet Electro Serv - producer of IT equipment, Altex Distribution - logistics and distribution company, and Cometex SA - real estate company. Altex also includes the consumer lending firm Credex, held 30% by Raiffeisen Bank. Sursa: http://www.rompress.ro

Tags: altex bulgaria euro million

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