Ukrainian cement plant Balcem plans to raise its share capital by 4.94 mln Ukrainian hryvnias (US$981,000/) to 5.49 mln hryvnias ($1.1m) through the issue of 98.74 million ordinary shares. The capital hike is subject to approval by the company’s shareholders’ meeting on June 7, 2005.
Balcem, one of the three largest cement producers in Ukraine, closed 2004 with a 27.3 mln hryvnias ($5.4m) net loss. The company’s cement output rose by 16.5 per cent year-on-year to some 1.8Mt in 2004. Balcem aims to boost cement production to some 2.3Mt in 2005.