Japanese giant builds a factory near Plovdiv Japanese giant Yazaki that holds 35% of world’s production of cable systems for cars thinks of building a plant near Plovdiv. The new facility will be located in Trakia economic zone. It will produce hydraulics and will be located at an area of 30 acres. Yazaki Bulgaria has invested more than BGN 60 million in Bulgaria and has created more than 2000 jobs. The Japanese company stepped in Bulgaria in 2006 by opening a plant in Yambol. Production of cable systems for Renault starts in 2007. Later on orders for Ford are also completed. In the first half of 2014 the company opened still another facility in Sliven, where more than 800 people are employed. Cable installations for Ford Transit are being manufactured in the ex-Miroglio’s buildings at an area of 35 thousand square meters.
Source: Presa (02.02.2015)

Miroglio is now the largest creditor of Dunarit Italian businessman Eduardo Miroglio has made his second major deal outside the textile sector. The idea behind the move is not only to expand his portfolio, but to save his deposits in the collapsed Corporate Commercial Bank. According to Commercial Register data, Miroglio has become the largest creditor of ammunitions manufacturer Dunarit, after doing the same with electronics retail chain Technomarket. At the time of Corporate Commercial Bank’s bust, Miroglio and his group had a total of BGN 90 million on deposit at the lender. With the two deals (Dunarit and Technomarket), Miroglio had his deposits transformed into stakes in the two companies, thus averting the worst-case scenario for his assets. Miroglio initially entered Bulgaria as a textile and wine producer, but subsequently expanded his businesses into new domains like the excise goods market, services and tourism.
Source: Capital (25.02.2015)

Surprising licence revocation pushes Bulgaria’s Dunarit to the verge of bankruptcy One of Bulgaria’s working and profitable military factories – Dunarit, is on the verge of bankruptcy following a surprising and strange decision of the Interdepartmental Council on Defence Industry and Security of Supply with the Council of Ministers. The council temporarily suspended the factory’s licence last week, thus hampering it from complying with its obligations under agreements it had signed. The decision was taken, although it is not included in the agenda of the meeting on 25 February. The factory complies with NATO standards and exports products to Europe, Asia and Africa. The factory’s licence revocation means that more than 600 people may lose their jobs. “I cannot explain the reason for this move,” Executive Director of Dunarit Krastyu Krastev stated. He said that the licence revocation will have a disastrous effect on the factory, as it had signed agreements and had received money in advance. Sega daily writes that Dunarit was rumoured to be under the control of Tsvetan Vasilev. E.Miroglio, the company of Italian businessman with Bulgarian citizenship Edoardo Miroglio, signed an agreement with Dunarit in early December 2014 and became the factory’s biggest lender. Miroglio and companies in his group had a total of BGN 90 million in deposits in Corporate Commercial Bank (Corpbank) before the bank was closed. In addition, when Corpbank was closed, Dunarit owed loans worth BGN 92 million to the bank. E.Miroglio covered Dunarit’s expenses worth EUR 24.55 million. In exchange for that, Dunarit was pledged as collateral on loans from E.Miroglio on 2 December.
Source: Sega (05.03.2015)

E.Miroglio seeks anti-trust nod for Technomarket Bulgaria takeover Bulgarian-based textile company E.Miroglio intends to take full control of consumer electronics retailer Technomarket Bulgaria, the country’s competition regulator said on Monday. The company has applied for regulatory clearance for its takeover plans, the Commission for the Protection of Competition said on its website. No further details were immediately available. Technomarket Bulgaria increased its capital by BGN 7.0 million to more than 11.4 million levs in December following a 2.7 million lev hike in October. After the capital hike in December, local media reported that E. Miroglio owner Edoardo Miroglio indirectly holds half of the shares of Technomarket Bulgaria via his company and his son Franco Miroglio. Technomarket operates 60 stores throughout Bulgaria. E.Miroglio operates seven production and corporate units in Sliven, Yambol and Svishtov in Bulgaria as well as in Alba and Valli del Pasubio in Italy. Since Miroglio merged his largest company, Luxemburg Holding, with his company in Bulgaria, its headquarters have been moved to Sliven, in southeastern Bulgaria.
Source: money.bg (11.03.2015)