Sofia based Mega El acquired the majority share of a cable factory in the Macedonian city of Negotino, Dnevnik daily reported. The deal received the nod of approval of the Macedonia Securities Commission on November 1.

Mega El acquired 54 per cent of the factory, which was owned by Macedonian business man Boyan Yanev, See News agency reported. The company said it intended to buy the remaining 46 per cent as well, at 25.2 euro (1.550 Macedonian dinars) a share.

Mega El designs and builds electricity distribution devices, aerial electro-conductive lines, tunnel and street lighting devices, among others. The company specialises in setting up outdoor cable systems of new and renovated buildings, replacing circuit-breakers and engineering works.
Sharp increases in construction works resulted in increased orders for the factory and a turnover growth of over 100 per cent. This had been the reason to invest in a cable factory, representatives of Mega El explained.

There were only 5 cable factories in Bulgaria, but they were not for sale and were not looking for external partners. This was the reason why Mega El set its sights on foreign markets. The factory in Negotino produces 12 to 15 thousand tons of cables a year and exports its production mainly in Germany, Croatia, Serbia, Bulgaria and Slovenia.

Mega El is not the first Bulgarian company to invest abroad. Large investments in other Balkan countries were made by big companies such as Prista Oil, Monbat, Intertrust Holding, etc.