Early last week, Condmag signed with Economy Ministry the agreement for the non-payable financing, the company said in a statement sent to the Bucharest Bourse.
The upgrade project will develop on a two-year period.
Condmag reported a 23.3% increase in its first-half turnover to RON50.79 million. The company also posted a 7.5% growth in revenues to RON54.55 million and 7.2% higher expenditure to RON53.96 million on the year in the first half of 2012, according to data from the Bucharest Stock Exchange.
Dafora (DAFR.RO) controls 45.82% of Condmag shares, while Dutch fund OGBB A Van Herk holds a 10.91% stake. The remaining stake of 43.26% is distributed among minority shareholders.
On the Bucharest bourse Monday, Condmag closed at RON0.105 a share, up 0.96% on the day. (EUR1=RON4.4975)