The buildings and plots put on sale have a total surface of 34,000 sqm.
The program, approved Wednesday by company shareholders, is aimed at restoring financial balance and rendering the company more profitable, according to a Turbomecanica report.
In addition, “the sum obtained (from selling the assets) contributes to a diminishing of working capital credit by some RON8.5 million,” according to the shareholder approved reconfiguration project.
The costs of reconfiguration are estimated at RON4.2 million and they will also be covered through a RON1.7 million bank loan.
The company’s board plans to increase the order portfolio by some RON4.5 million over the next 2-3 years, through finding new clients, reaching an overall contract value of RON55 million.
Another shareholder decision reached Wednesday was to ratify two loans worth a total $10.1 million, contracted by the company in 2006 from BRD, as well as a factoring contract worth $1.2 million, concluded in 2006 with the same bank.
In addition, the shareholders agreed to guarantee the loans in question with plots and buildings owned by Turbomecanica in Bucharest District 6 and in Dragomiresti-Vale.
Over the past three years, the company has registered a cumulated loss of RON47.2 million. The greatest loss was seen in 2008, when the company posted a negative result of RON28.9 million.
On the other hand, turnover dropped to RON53.1 million in 2010, from RON63 million in 2008.
The company’s loss narrowed by 30% in the first half of this year, compared to the same interval of 2010, to RON6.7 million, from RON9.6 million.
The company has a share capital of RON36.9 million, divided into 369.4 million shares with a face value of RON0.1.
Company shareholders include board president and general manager Radu Viehmann, with 25.92% and Dana Maria Ciorapciu, with a 15.16% stake.
Turbomecanica shares closed down 1.18% Tuesday, to RON0.599. (EUR1=RON4.2488)