Shareholders of Podilskyi Tsement company one of Ukraine’s three largest producers of cement, decided at a meeting on May 11 to increase the statutory fund by UAH 59.832 million to UAH 69.804 million. The funds raised will be spent on modernisation and augmenting the production: 80 per cent to purchase, install and launch equipment necessary for transition from gas to coal in technological processes, and 20 per cent on production expansion. The company made a net profit of UAH 29.129 million in 2004.
As Ukrainian News earlier reported, this year Podilskyi Tsement plans to start reconstruction of cement production by building a new kiln in which coal will be used as fuel instead of gas. he Agency for Development of the Stock Market’s Infrastructure reported last year that Ireland’s CRH Poland BV owned 94.7 per cent of the shares in Podilskyi Tsement.