SARAJEVO (Bosnia and Herzegovina), January 16 (SeeNews) – Bosnian arms maker Igman Konjic [SAJ:IGKC] will invest 10.5 million euro ($11.7 million) in 2020 in a new ammunition manufacturing facility, local media reported on Thursday.
"Last year was more than successful. We booked 72.6 million euro in revenue, employed 70 new workers and opened another 10.5 million euro facility," news portal Biznisinfo.ba reported, quoting Igman's CEO Djahid Muratbegovic as telling news daily Dnevni Avaz.
The comany has contracted orders for the whole of 2020, the report said.
Bosnia's Federation government owns a 51% stake in Igman, while the remainder is controlled by investment funds and individual shareholders.
Igman's shares traded at 70 euro by 1558 CET on the Sarajevo Stock Exchange (SASE) on Thursday, up 49.78%.
The Federation is one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Serb Republic.
($ = 0.8968 euro)