Month: August 2012

EGE HAINA REFUSES ACCUSATIONS

Reasons. EGEHAINA affirms the allegations ar unfounded in the grievance.

Reasons. EGEHAINA affirms the allegations are unfounded in the grievance.

Santo Domingo

EGEHAINA, its administrators and Haina Investment Co (HIC), considered as false, the accusations contained in the grievance deposited in the Office of the District Attorney on behalf of the former chairman of the Endowment Fund for Reformed Enterprises (FONPER), José Izquierdo, algonside his attorneys that a multi-million dollar embezzlement had been committed.

“The arguments used to base this accusation is unfounded and lacks contractual grounds, showing lack of knowledge on behalf of the plaintiff regarding the applicable laws and the electric sector: , as was disclosed in the press release.

“Focusing on a legal process which is currently in development, the company will offer the pertaining explanations before the proper authorities in this case” said EGEHAINA.

About EGE Haina:

EGE Haina is a company in the Energy and Industry portfolio of assets administered by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Listin Diario

EGEHAINA AFFIRMS ACCUSATIONS ARE FALSE

EGEHAINA, its administrators and Haina Investment Co (HIC), considered as false, the accusations contained in the grievance deposited in the Office of the District Attorney on behalf of the former chairman of the Endowment Fund for Reformed Enterprises (FONPER), José Izquierdo, that a multi- million embezzlement had been committed.

“The arguments used to base this accusation is unfounded and lacks contractual grounds, showing lack of knowledge on behalf of the plaintiff regarding the applicable laws and the electric sector: , as was disclosed in the press release.

Please remember EGEHAINA has been characterized for its efficiency and operational transparency, which have permitted excellent relationships between the private and State partners.

They maintain that together they have launched a constant development of the company in benefit of the Dominican People, through expansion and diversification of the national energy matrix.

“Before unfounded actions, EGEHAINA reserves the right to proceed legally, making use of all legal facilities, civil, and penal to vindicate its attributions and any properties, materials and persons whom result damaged from illegal facts and actions set against them”.

About EGE Haina:

EGE Haina is a company in the Energy and Industry portfolio of assets administered by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Hoy

Fitch Gives Metaldom Best Rating in D.R

Fitch Gives Metaldom Best Rating in D.R

Metaldom.

SANTO DOMINGO. The risk qualifier firm Fitch Ratings, assigned a long-term classification of A- (DOM) to the Dominican Metallurgy Complex- Metaldom, thus becoming the best rated steel industry in the country.

According to a communiqué issued by Fitch, the granted rating establishes that the perspective of same is stable and is based on the solid positioning of the company, its medium-term vertical integration it has projected, the conservative structure of their capital, the solid liquidity position it holds and the operational risk involving this type of industry.

“The Metaldom ratings reflect its position as one of the greatest participants in the manufacture and commercialization of steel-based products for the construction sector”, as was indicated in the communiqué released by the metal industry.

About Metaldom:

Metaldom is a company in the Energy and Industry portfolio of assets administered by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

SOURCE: Diario Libre

WINDS OF PROGRESS BLOW IN PEDERNALES

Phase one. 14 of the aerial generators installed in Juancho are property of EGEHAINA

Phase one. 14 of the aerial generators installed in Juancho are property of EGEHAINA

Santo Domingo

Joinig points of interest such as Bahía de las Aguilas (Eagles Bay), El Hoyo de Pelempito and the Oviedo Lagoon, Pedernales now has a new zone joining these interesting venues, two wind parks located in Juancho.

One of these parks, the Los Cocos Wind Park, property of EGEHAINA, is just one more of the initiatives that the company has invested in to contribute towards the development and promotion of the region.

“When EGEHAINA began developing the wind park, they committed to making every possible effort to developing the eco-tourism within the zone, as well as opportunities for people, both from Juancho as well as Enriquillo, could benefit from a greater source of employment and possibility to set up their own businesses, and this forms part of that commitment”, said the Cuban businessman Tito Sanjurjo, GM for EGEHAINA.

EGEHAINA has also contributed to the construction of a auxiliary energy station in order to improve electric service. Finally, Sanjurjo says the company plans on developing a community centre that serves as Visitors Facility at the same time.

About EGE Haina:

EGE Haina is a company in the Energy and Industry portfolio of assets administered by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Listin Diario

Fitch Certifies Metaldom

Fitch certifies Metaldom

The rating agency ponders contributions by Metaldom to the nation

Santo Domingo.- The risk assessment agency Fitch Ratings, assigned a long-term classification of A- (DOM) to the Complejo Metalúrgico Dominicano (METALDOM), making it the best rated steel company in the country.

According to the communiqué issued by Fitch, the granted grating establishes that the perspective of same is stable, and is based on the solid positioning of the company, the vertical integration on the medium-term that it has projected, as well as their conservative capital structure, their solid liquidity position and the operational risk implied by this type of industry.

“The Metaldom grading reflect their positioning as one of the greatest partakes in the manufacture and commercialization of steel-made products for the construction sector”, states the communiqué, which details that by “December 31st 2011, the company featured a local market share in the steel segment of 48.8%”.

Fitch valued quite positively the Metaldom capital structure, which is conservative and is foreseen to maintain as such. “This has been reflected in the sustained reduction of debt levels during the last 4 years.

The minor debt levels, joined to higher levels of profitability, have implied a low debt level to EBITDA” states the report which places the company at a greater level than others within the sector in this sense.

This grading received by Metaldom could improve in the coming years, according to the analysis provided, if the company successfully carries out their regional expansion plans it projects, such as the installation of a steel compound in La Brea, in Trinidad and Tobago.

About Metaldom:

Metaldom is a company in the Energy and Industry portfolio of assets administered by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

SOURCE: El Dia