Bulgaria's Yambolen prepares to construct 5.8 mln euro solar park

• Bulgarian artificial fiber producer Yambolen [BUL: YAMB] stated it is looking for shareholders' approval to sign a 5.8 million euro ($6.6 million) contract with local PV Consult for the construction of a solar park in the town of Yambol.

The offer envisages the design, construction as well as assembly of a 9,998.46 kWp solar installation in addition to the supply of the respective devices, Yambolen stated on Thursday in an invitation for an extraordinary shareholders' conference arranged for February 18.

The Yambol-based business will utilize the electrical energy generated by the solar park for its own requirements as well as for sale, it claimed.

Yambolen's net profit fell to 97,000 levs ($56,100/ 49,600 euro) in the very first nine months of last year from 196,000 levs in the exact same period of 2020, as profits decreased to 526,000 levs from 751,000 levs, according to the business's latest financial declaration.

Yambolen is generally active in the production of polyester fibers, polyester silk, technical rubber products, not natural salts and textiles.

Shares of Yambolen last traded on the Bulgarian Stock Exchange at 0.65 levs, bourse data revealed.