Avicola Crevedia takes out 4m-euro loan

Meat producer Avicola Crevedia could take out an investment loan worth 4 million euros, according to a decision published in the Official Gazette. The loan should be used for modernising and for increasing the company’s current production capacity. In addition to that, the shareholders decided to approve alternative funding in the form of a loan granted by the majority shareholder, Agricola Holding, or of a loan attracted by Agricola Holding and guaranteed in full or in part by it. The loan could be the second one taken out this year by the producer, after having borrowed 10 million euros from Finansbank at the end of July in order to ensure co-funding for projects that it wants to run through the SAPARD programme. Avicola Crevedia posted a 73% turnover increase in the first seven months of the year, to 32.7 million RON (9.2 million euros) and losses worth 672,800 RON, against a profit worth 146,300 RON in the same period of last year. The company’s core business is poultry breeding and it has a share capital worth 24.7 million RON. Avicola Crevedia increased its share capital at the beginning of the year, through a cash contribution of some 12.6 million euros from its Lebanese majority shareholder, Agricola Holding.