Capital increase for Iulius Mall Timisoara

The Iulius Group increased the share capital of Timisoara-based Iulius Mall from 9.301 million RON (2.6 million euros) to 13.701 million RON (3.8 million euros). “This share capital increase is only meant to cover the first stage of the development of Iulius Mall Timisoara. The shopping centre has a development plan divided into subprojects which is carried out yearly and which is meant to add new functions to the already existing mix,” stated Iulian Dascalu, the company’s chairman and sole partner. An investment worth 45 million euros carried out last autumn was needed in order for the shopping centre to be finalised. The chairman of the Iulius Group estimated that by the end of 2006, Iulius Mall Timisoara would see a turnover worth 12 million euros, adding that so far, the project is on schedule. Investments made in the first six months of the year for the development of Iulius Mall Timisoara exceeded 1 million euros.