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Zwack Unicum Plc. CEO Frank Odzuck (on the left) with State Secretary Levente Magyar

Zwack Unicum Receives Government Subvention

D&T
June 11, 2020

As an extraordinary announcement, Zwack Unicum Plc. has reported on the website of the Budapest Stock Exchange that is has receives subvention from the government to increase competitiveness.

The Zwack Unicum Public Limited Company inform "its distinguished Investors" that the Hungarian Ministry of Foreign Affairs and Trade (KKM) awarded the company a non-repayable subvention to increase competitiveness to the tune of HUF 106 million. The award follows from the Ministry’s invitation to proposals, which was entitled “Invigorating the Economy amidst the Current COVID-19 Epidemic”. The invitation to proposals was promulgated in Decree 7/2020 (16 April) of the Ministry of Foreign Affairs and Trade.

The Decree provides that the subvention to increase competitiveness must be spent on fixed assets. "Our company is going to use it as a co-financing instrument to purchase a packaging and palletizing machine to be installed in our plant at Dunaharaszti. The subvention covers 50% of that capital investment. The investment project is to be completed during the first quarter of 2021 but by 30 June 2021 at the latest,"the company's announcement concludes.

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