The Rafael Group|Bulgaria is incorporated in Bulgaria and currently involves three divisions and twelve individual subsidiaries, consisting of over 100 employees. Rafael Group|Bulgaria Headquarters are located within the Central Business District of the town of Bourgas in Bulgaria; other satellite offices and activities operate from sites in Silistra, Bulgaria and in Limassol and Nicosia, Cyprus. The company’s original roots were concentrated in the processing, manufacture and export of timber products from its mill and processing plant in Silistra within the northeast of Bulgaria, exporting its products to Italy, Cyprus, and Scandinavia. The two current strategic initiatives of the division are the expansion and enrichment of our existing production line with the addition of a timber drying mills production line and the setup and operation of a combustible timber pellets production line. In 2005, the Rafael Group|Bulgaria further expanded its business by creating its second division, Rafael Developments which is active in the real estate agency and property planning and development business. Despite its short life, Rafael Developments division has shown impressive results not only in the real estate agency business but also in the property investment and the property development areas. The group has recently taken the strategic decision to expand its business into the catering, hotel and leisure business sector by creating a third division, Rafael Leisure & Entertainment.