Masterplast Announces Capital Raise at Glass Wool Plant JV
Listed Hungarian building materials maker Masterplast has announced a capital raise at a 50%-50% joint venture it has with Polish peer Selena, according to a report by state news wire MTI.
The share capital of Pimco, a project company with a glass wool plant in the pipeline, will rise to HUF 3.6 bln, of which HUF 1.7 bln will be paid in cash in two installments by the end of 2024.
Masterplast and Selena will also make additional contributions totaling HUF 4.4 bln.
Pimco is undertaking the construction of a glass wool plant in Szerencs with a planned annual capacity of 19,000 tonnes at a cost of around EUR 47.5 mln. The project has won a HUF 5.6 bln grant from the Hungarian Investment Promotion Agency.
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