Through previous communication, the establishment of the subsidiary company in Romania under the trading name S.C.YALCO ROMANIA S.R.L. has been announced.
This company has the form of a private limited liability company with S.D. CONSTANTINOU & SON S.A. being its sole shareholder. The company was founded with the minimum capital required by the local legislation, namely 200 RON or Euro 52,12. As it has already been communicated, the company will commence its commercial activity during March with the distribution of BLACK & DECKER products. Consequently there is a need to ensure the required working capital. The assembly of the subsidiarys associates has already determined the share capital increase by 1.700.000 RON, corresponding approximately to Euro 500.000.
The Board of Directors of S.D. CONSTANTINOU & SON S.A-YALCO has determined during its meeting on 01/03/2007 that S.D. CONSTANTINOU & SON S.A-YALCO, being the sole partner, shall contribute and provide the entire amount of 1.700.000 RON of the subsidiarys share capital increase in order to ensure the required working capital of its subsidiary, S.C.YALCO ROMANIA S.R.L.