Shareholders are also called to decide on extending the guarantee of the credit facility contracted from state-run lender CEC Bank.
The credit facility targets a supply contract concluded in August 2020 between the Ministry of National Defence, as purchaser, and Avioane Craiova, as supplier, having as object the “Revitalization and modernization of IAR-99 Standard aircrafts belonging to the Ministry of National Defence in the IAR-99 SM configuration”.
Avioane Craiova has a market value of RON72.6 million and is 97.78%-owned by the Ministry of Economy, Entrepreneurship and Tourism. AVIO shares have lost 15.4% in the past year, amid deals worth RON359,600, as per stock market data.
Avioane Craiova ended the first half of 2023 with a net loss of RON6.3 million, from a net profit of RON764,600 in the same period of 2022, amid revenue of RON26.5 million, down 3.8% on the year, in line with data from the company’s half-year financial report.