The board of Bulgarian lead-acid battery manufacturer Monbat has given the go-ahead for the firm to issue seven-year corporate bonds worth up to EUR30 million ($35.4m).
Monbat told Bulgaria’s Financial Supervision Commission that the decision, made on 10 October, will see the company issue up to 30,000 bonds with a nominal value of EUR1,000 each.
Bulgarian lead-acid battery manufacturer Monbat is to acquire Italian battery recycling company Piombifera Italiana for an undisclosed sum.
The acquisition, to be made through Monbat’s recycling subsidiary, was triggered by “the increased demand for raw materials for the production of lead batteries”, Monbat said in a statement to Bulgaria’s Financial Supervision Commission.
Professor Detchko Pavlov, the Bulgarian academician who dedicated practically his whole life to research and development of lead-acid batteries, died last Friday. He was 86. Pavlov’s almost legendary 65-year-long career in battery research began in 1953.
A graduate of the University of Chemical Technology and Metallurgy in Sofia, for the next seven years he worked as assistant to the Chair of Physical Chemistry of the same university with Prof. St. Hristov.