Romanian InterAgro may move headquarters to Bulgaria.

By bne IntelliNews July 29, 2010
Romanian-British corporation InterAgro is considering moving its headquarters from Romania to Bulgaria and has started translation of its documentation, according to a statement of InterAgro CEO Ioan Niculae for Romanian newspaper Ziarul Financiar. The decision follows the intention of the Romanian authorities to raise the tax burden and the overall deterioration of the business climate in Romania. The move is expected in September. InterAgro is among the three largest Romanian companies in terms of turnover (EUR 315mn in 2009). It posted a loss of EUR 13.7mn last year as compared to a EUR 16.7mn profit in 2008. In June, InterAgro launched a new ferry line across the river Danube connecting the Bulgarian city of Svishtov and the Romanian city of Zimnicea. The company has invested EUR 5.5mn in the project, some 90% of which were its own funds, and hopes the investment would be repaid in 5-7 years.

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