SOFIA (Bulgaria), February 10 (SeNews) - Bulgarian cosmetics maker Lavena [BUL:4L4] said on Monday that it has received a 976,000 levs ($546,000/499,000 euro) grant under Operational Programme Innovations and Competitiveness, which will partially finance the company's capacity expansion project.
The total investment in the capacity expansion project is expected to amount to some 1.6 million levs, Lavena said in a bourse filing.
The project should be completed within one year.
In December 2019, Lavena inaugurated the expansion of its production and logistics base in Shumen, following a 7 million levs investment. Lavena partially financed the project through a capital increase in early 2019, when it issued nearly 1.6 million shares raising some 5.6 million levs. The rest was financed with part of the proceeds of a 4.5 million levs investment loan, which the company took out in 2019 and has to repay by 2023.
(1 euro = 1.95583 levs)