EnglishEarlier this wee, the shareholders of Vrancart Adjud have approved the proposal of the board of directors to take out a loan of six million Euros from UniCredit Ţiriac Bank, to be used for investing in production capacity.
The contract will be concluded for a period of ten years, and the money will be used to finance the investment project "The development and the modernization of the network for the recovery of the recyclable material and their improved exploitation through conversion into paper or cardboard sanitary products". The project was approved by shareholders last year, and has a value estimated at 10 million Euros, of which three million Euros will come from European grants.
The shareholders of the cardboard maker have also approved the request by Eximbank to issue a guarantee for projects in priority sectors worth 3 million Euros, representing 505 of the amount of the investment loan from UniCredit Ţiriac Bank.
Vrancart has budgeted a gross profit of 4.5 million lei for 2011, 45% higher than the one for the year 2010, which amounted to 3.12 million lei.
The company is controlled by SIF Banat-Crişana, which owns 74.71% of the shares.
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