Upet plans to borrow $5 million from lender UniCredit Tiriac Bank and another EUR2.3 million from Raiffeisen Bank Romania, the company said in a call to shareholders.
The proposals are subject to shareholder approval at a meeting set for November 19.
Upet swung to a net profit of 215,000 lei (EUR47,000) in the first six months of 2012, from losses a year earlier, with sales rising over two-fold to RON28.2 million.
Upet’s main shareholders are Cyprus-based Obsesione Enterprises Limited and Ogetto Limited, with a 33% stake each, while the rest is distributed among minor shareholders, according to the latest data.
The company has a share capital of RON29.8 million, divided into 11.9 million shares, with a face value of RON2.5.
On the Bucharest bourse Friday, Upet closed flat at RON1.25 a share. (EUR1=RON4.5687)