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Oct 05, 2007 15:41 EEST
October 5 (SeeNews) - Greek IT, home entertainment and babycare product group Dionic said on Friday it has set up a unit in Bulgaria and plans to enter Romania as part of its regional expansion plans.
"According to our business plan, we are ready to extend our business to all of the Balkans and the first country is Bulgaria," Dionic investor relations officer Dimitrios Makariou told SeeNews.
The group's local unit, Dionic Bulgaria, will sell Dionic products on the local market, Makariou said. Dionic Bulgaria has a share capital of 200,000 levs ($145,000/102,000 euro) and is 95% owned by Cyprus-based Dionic Participations, a wholly-owned subsidiary of Dionic.
"The next [country] will be Romania probably. [...] I believe that at the end of this year we will be able to establish a new company," added Makariou.
Dionic group ( www.dionic.gr ) is active in the fields of IT, telecoms, home entertainment, babycare products, electronic appliances, games and stationery. The group reported consolidated net profit after minorities of 1.1 million euro for the first half of 2007, up 15.57% on the year. Consolidated revenue rose 15.73% year-on-year to 42.2 million euro.
($ = 0.7078 euro)
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