EnglishShareholders in paper and cardboard producer Petrocart - Piatra Neamt (RASDAQ:PTRC) have authorized the executive management to borrow 8.5 million EUR (29 million RON) for investments and operating capital in 2007 - 2009. Some 7 million EUR will finance the purchase of several assets, whereas 1.5 million EUR will be used as operating capital. The shareholders also decided to buy 33,400 Petrocart shares from the market in order to cede them to the employees.
Petrocart has a share capital of 5.77 million RON divided into 462,000 shares with a face value of 12.5 RON. The lead shareholder is the Employee Association with 43.47% and SIF Banat - Crisana (SIF1) with 28.54%. At the end of H1, the company reported an asset value of 13.5 million RON (4.3 million EUR) and a net profit of 98,300 RON (31,300 EUR), up 2.4x year-on-year.
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