Of this amount, EUR7 million is for financing the need for working capital and EUR3 million for issuing bank guarantees and/or opening letters of credit.
The proposition of the Board of Directors stipulates the signing of a real estate mortgage contract on an asset comprising an inner-city land of 48,000 square meters located in Ramnicu Valcea and the buildings constructed on it.
The Board also decided on August 30 to approve the start of the first stage of the buyback program between August 30 and December 31, 2023. The program was approved at the Extraordinary General Meeting of Shareholders held on June 21. The company is set to repurchase maximum 400,000 shares at a maximum price of RON24, within deals worth up to RON9.6 million, respectively at a minimum price that will be the market price at the time of the acquisition.
Chimcomplex has a market value of RON5.3 billion and is controlled by businessman Stefan Vuza, through CRC Alchemy Holding (85%), while the Romanian State owns a stake of almost 9%.
CRC shares have lost 26.2% so far in 2023, amid deals worth RON5.5 million, as per stock market data.