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Romania’s Grup Serban Holding to invest 3 mln euro in vegetable packaging plant

Author Tudor Popescu
Romania’s Grup Serban Holding to invest 3 mln euro in vegetable packaging plant Source: Grup Serban Holding

BUCHAREST (Romania), May 18 (SeeNews) - Romanian agriculture entrepreneurial company Grup Serban Holding [BVB:GSH] said on Wednesday it plans to invest 3 million euro ($3.16 million) in the development of its vegetable packaging facility.

Grup Serban Holding obtained the necessary funds for the project from the EU, with 1.2 million euro of the total being non-refundable, it said in a press release.

The project will be implemented through the group's subsidiary Fabrica de Paine Serban.

"With this new investment, we will increase the packaging capacity of vegetables from 1.5 tonnes per hour currently to 10 tonnes per hour, and the positive impact will be seen in the coming years in the increase in turnover and net profit," Serban Holding Group chief financial officer Ovidiu Bucataru said.

Founded in 1994, Grup Serban Holding is active in agriculture, cereals trading, oil plants and vegetables, poultry farming, bakery, catering, as well as distribution and transport. At the end of 2021, the group raised 12.7 million lei ($2.7 million/ 2.6 million euro) in a private placement of its shares.

In February, the group signed a contract with PepsiCo for the delivery of potatoes for Lay’s chips.

Its shares traded up 1.54% at 1.98 lei per share at 1330 CET on Wednesday, on the on the AeRO market of the Bucharest Stock Exchange.

(1 euro = 4.9472 Romanian lei)

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