Bulgaria's Yambolen gets shareholders nod for 9,998.46 kWp solar park

Bulgarian synthetic fibre manufacturer Yambolen [BUL:YAMB] said on Friday that its shareholders approved its plan to sign a 5.8 million levs ($3.2 million/2.96 million euro) contract with local PV Consult for the design and construction of a 9,998.46 kWp solar park in the town of Yambol, in the southeast of the country.

The proposal was supported by all shareholders present at the meeting, representing 90.50% of the company's capital, Yambolen said in a stock exchange filing.

Yambolen will use the electricity generated by the solar park for its own needs and for sale, it said.

Yambolen turned to a net loss of 61,000 levs ($35,400/31,200 euro) in 2021 from a net profit of 111,000 levs a year earlier, as revenue went down to 748,000 levs from 901,000 levs, the company said in its latest financial statement.

Yambolen is mainly active in the production of polyester fibers, polyester silk, technical rubber products, inorganic salts and textiles.

Shares of Yambolen last closed at 0.65 levs on the Bulgarian Stock Exchange's BaSE market, bourse data showed.

($ = 0.8798 euro)

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