Kostenetz HHI AD (Bulgaria)

Bulgaria's pulp and paper factory of Kostenetz HHI, which was established in 1902, exports some 40% of its production. The product range of the plant, based in the southern town of Kostenetz, features paper for household and sanitary-hygiene, fine wrapping paper as well as corrugated and packaging paper.
A 67% stake in Kostenetz HHI was sold through the country's voucher mass privatisation programme. Over 50% in the company equity was acquired by local privatisation fund AKB Fores, which was later transformed into a private financial and industrial holding company. In July 1998, Bulgaria's Privatisation Agency sold a 25% stake in Kostenetz HHI to management-employee buyout company Maritza-97 for USD 620,000. In September 2002, the company unveiled plans to invest EUR 12 million to upgrade its packaging equipment and bring it in line with EU standards. At the end of 2010 Telprom bought a 34% stake in the company and in January 2011 Shield Investment acquired 20% of the capital of Kostenetz HHI.