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Shareholders in Chimopar - Bucharest (BSE:CPR) have approved a motion to borrow 4.4 million EUR from Unicredit Tiriac Bank in order to ensure operating capital and an investment budget, according to an announcement to the Bucharest Stock Exchange (BSE) quoted by NewsIn.
Of this total, 3.5 million EUR will be used as operating capital and 920,000 EUR as investment budget. The loan will be collateralized with a plot of land in Bucharest (232,120 sq.m.) and the buildings on it. The shareholders also appointed Rahal Mohamad, a Lebanese citizen, as Member of the Board, thus replacing Badran Jawad Rafic, who had resigned.
Chimopar will increase share capital by 2.73 million RON (840,000 EUR) after the majority shareholder, Jafco Holding Romania SA subscribes shares worth 2.14 million RON and the minority shareholders subscribe shares worth 581,450 RON. Estimates for this year indicate revenues of 36.03 million RON (+8.6%) and a net profit of 233,916 RON, up from losses of 3.17 million RON in 2006.
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