The company’s shareholders on Monday approved the decision to contract the loan. RON3.6 million of the barrowed amount represent conversion of current credit facility to medium-term credit facility (four years), for the conversion of the ongoing facility, and the remaining amount will be used for the payment of debts included in the statement of affairs.
The company mortgaged its industrial real estate property (land and constructions) in Ploiesti, which comprises 14 plots of land, and pledged as collateral its production equipment, stocks and current accounts opened at ING.
Uztel, which has a market capitalization of RON16 million, is 83.8% owned by the Uztel Association and 16% by other shareholders.