Bursa Çimento updated the investment cost of the modernization construction project

Bursa Çimento

Bursa Çimento reported that the investment cost of the modernization construction project has been updated due to developing domestic and international events.

The company said that modernization investment works were started in 2020 and since then, it was decided to update the investment budget due to unplanned cost increases caused by the inflationary environment in the world and in Turkey.

The statement published on the public disclosure platform is as follows,

“In the meeting of our Board of Directors dated 15/02/2024, the Modernization Investment, for which an investment decision was taken as of 19/10/2020, was started and the expenditure budget was shared with the public. In the past period, it has been decided to update the Modernization Investment budget, which is expected to be completed for 160.000.000 Euros and to be completed at the end of the year, with the effect of the efforts to make the project sustainable and perfect with the increase in the cost of materials, services, fuel and energy costs, which are caused by the inflationary environment in the world and in Turkey, the limited number of intermediate staff and workers in general with the February 2023 earthquake and the serious increase in wages, the problems in the supply of raw materials and commodities in world trade, the increase in the cost of other services and studies and the effect of the studies to make the project sustainable and perfect.”

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