Covalact shareholders come up with 4m euros to increase capital

Covalact, the dairy producer, which this year sold 70% to US-based investment fund SigmaBleyzer, will increase its share capital by 13.5 million RON (around four million euros), in order to invest in equipment and develop logistics and marketing, according to the information published in the Official Gazette. The investment fund bought the local dairy producer in August, in a deal that market sources believe was worth approximately 7 million euros. Covalact estimates a 15% higher turnover this year, to 17 million euros, due to a rise in the price of raw materials.