Sicomed asks Raiffeisen for more money

Pharmaceutical company Sicomed Bucharest intends to ask Raiffeisen Bank to supplement its $5 million overdraft facility by a further $3 million. According to a corporate release, the Board of Directors decided to extend the overdraft facility granted by Raiffeisen Bank, which was due for expiry on November 30, for a further year. The extension to the facility will be granted under the same contractual terms. Interest will be calculated in line with LIBOR for one month plus 2 percent. Sicomed is one of the leading players on the Romanian drug market. Market research company Cegedim says Sicomed had a 4.9% market share between July 2003 and June 2004. ZF