EnglishThe Extraordinary Shareholders" Meeting of ASAM SA Iaşi (symbol: ASAM, listed on the Rasdaq section of the Bucharest Stock Exchange) decided to take out a short term EUR 3 million loan from Intesa Sanpaolo Bank România SA, in order to refinance its day to day operations.
Shareholders also approved the taking out of a EUR 300,000 loan to allow the issue of bank guarantee letters. Both loans will use a mortgage on the company"s land plus the afferent buildings as collateral (3.49 hectares). The shareholders also approved the pledge of present and future revenues from commercial contracts.
The main line of business of ASAM SA Iaşi is designing, manufacturing and distribution of parts and sub-assemblies for cars, farming machinery, industrial equipment and installations, technical support and foreign trade operations. The shareholder structure is as follows: CONEX INTERNATIONAL, holds 78.123% of the share capital, SC AUTO AVANTAJE SRL (13.912%), and small shareholders own 7.965%.
The company does not expect any slowdown in the near future, as it expects to conclude five year contracts with two major German companies, an annual addendum to the two German companies as well as with one Austrian partner, and has partnerships with various domestic companies.
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