Comelf To Seek EU Funding Worth EUR6M For Upgrades

04.13.2011 By Andrei Circhelan

Shareholders of Romanian machinery maker Comelf Bistrita (CMF.RO) on Tuesday decided to draw EU funding worth EUR6 million to finance upgrade works.

Shareholders of Romanian machinery maker Comelf Bistrita (CMF.RO) on Tuesday decided to draw EU funding worth EUR6 million to finance upgrade works.

At the same time, shareholders decided an investment budget of EUR950,000 for this year. The money will be used depending on board decisions.

For this year, the company expects a revenue of EUR33.3 million, while pretax profit is seen at EUR1.7 million.

Shareholders allowed management to take out loans worth at most EUR5 million this year and in 2012, while guarantee letters will not exceed a total EUR3.6 million.

The company is 76.79% owned by Constantin Savu and Emanuel Babici, through Uzinsider Bucharest. Savu has a 29.36% stake in Uzinsider, while Babici holds 21.05% of stock.

Comelf shares closed Monday at RON2.1, down 4.55% on the day.

Keywords:
COMELF
, INVESTMENT
, BUDGET

Please fill all required fields!

Your comment was successfully added!

Comments will appear only after the moderation.