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Shareholders of Avicola SA Braşov approved the decision of the Board of Administrators to take out a 50 million lei loan for a maximum period of 360 days, according to a communiqué sent to the Bucharest Stock Exchange.
The company will offer as collateral 13 plots of land and buildings, pledge the company"s current account of 56.856 million lei, two promissory notes of 5.682 million lei and 56.821 million lei respectively, as well as the assignment of a receivable.
Avicola Braşov posted a profit of 4.6 million lei, up over four times from Q3 2008, according to the report sent to the Bucharest Stock Exchange. At the same time, the company"s turnover increased by 41%, to 74.7 million lei, up from just 52.8 million lei.
Revenues from the first nine months of this year amount to 70.3 million lei, up 17% YOY, whereas expenses increased 11% to 65.6 million lei.
At the end of August 2007, Avicola Braşov was taken over by Transavia Alba-Iulia, and the chairman of the latter was appointed to lead the Board of Administration of the Braşov-based company. At the time, the shareholders of the company approved the increase of the share capital by 18.3 million lei, up to 23.4 million lei, through a cash contribution of the Alba-Iulia group.
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