Litex Motors to be set up in Bulgaria

07 May 2008

SOFIA. Local business man Grisha Ganchev and Corporate Commercial Bank (CCB) have become partners in the newly-set up company Litex Motors designing and manufacturing automobiles, bikes and other motor vehicles.

Litex motors will also trade in motor vehicles and automotive parts. According to CCB supervisory board chairman Tsvetan Vasilev the auto assembly license will be granted by an unnamed Asian company targetting the market in Greece & Romania as well.
The BGN 20 million capital of the new company, which will be 8%-owned by the bank, will be divided into 20,000 shares with a nominal value of BGN 1,000.
There's no immediate information available on the production capacity or the launch date, because that will be determined in the licensing agreement that has not been signed yet. Litex Motors beginning the production will be the first domestic auto maker.