Bulgaria's Gradus to invest 3.5 mln euro in subsidiary

The funds will go towards improvements in the production facilities, such as adding a new cutting line and filleting machines and upgrading the distribution assembly line, Gradus said in a bourse filing.

In order to meet higher biosecurity standards and improve production efficiency, Gradus-1 will also upgrade its live bird and meat production assembly line.

The fleet of trucks used to transport live birds and products too will be modernised.

The company aims to launch the investments by September 1.

Last month, Gradus said it would receive 1 million levs from Gradus-1 as dividend for 2022.

As of 1320 CET on Wednesday, shares in Gradus traded flat at 1.50 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)