Artego wants to borrow 3 million euros

Artego Targu-Jiu, a producer of rubber conveyor belts for the mining industry, intends to contract a credit worth 3 million euros to fund capital repairs and upgrade programmes. The credit was approved by the shareholders during the General Meeting of Shareholders. They also decided to distribute a part of the net profit made in 2005 as dividends, setting a net dividend of 0.1 RON/share. Last year, the company posted a net profit of 1.6 million RON (457,000 euros) for a turnover of some 39 million euros. For 2006, the company targets a 179.3 million RON turnover (some 51 million euros for a 3.5 RON/EUR exchange rate) and a net profit of 3.39 million RON (0.96 million euros). Artego exports some 27% of its technical rubber articles production, with Italy, Great Britain and Dubai being its most stabile markets. ZF