Also, Alro expects a 2.2-fold lower net profit of $31.8 million in 2012, compared to net profit of $71.3 million estimated early this year.
Alro shareholders on Tuesday approved the proposition to contract a loan of $28 million from Raiffeisen Bank International, Raiffeisen Bank Romania, BRD Groupe Societe Generale, UniCredit Austria and UniCredit Tiriac. The loan will be used to finance its working capital.
They also approved a deal with UniCredit Tiriac Bank for a loan facility of $11 million.
Dutch-based Vimetco controls 84.19% of Alro’s shares and Romanian investment fund Fondul Proprietatea owns a 10.21% stake.
On the Bucharest Bourse Monday., Alro shares closed up 1.39% to 1.825 lei (EUR0.408). (EUR1=RON4.4672)