September 19 (SeeNews) - TeraPlast Group's parent company TeraPlast SA [BVB:TRP] said that it has cancelled plans to build a residential complex due to high costs of construction materials, energy and fuel.
TeraPlast partnered up with local company Alfa Construct Partners in 2020 to develop a residential complex on the site of a former TeraPlast factory, close to Bistrita town centre, but the construction works have still not been commissioned.
"We do not drop the objective of capitalising on this asset for the benefit of our shareholders and the local community. We remain open to selling the land of about 2 hectares for the purpose of developing a real estate project for which an urban zoning plan has been obtained," TeraPlast CEO Alexandru Stanean said, as quoted in a statement filed with the Bucharest Stock Exchange, BVB, last week.
Construction materials company TeraPlast SA is the parent company of TeraPlast Group, which comprises TeraGlass, TeraPlast Recycling, TeraBio Pack and Somplast.
Blue-chip TeraPlast's shares traded 0.85% lower at 0.5850 lei as at 1255 CET on Monday on the Bucharest Stock Exchange.
(1 euro=4.9226 lei)