Artrom needs 25m euros from Russians

Piping manufacturer Artrom Slatina intends to take out two loans, together worth a total of 25.5 million euros, from Sinara Trading, one of the subsidiaries of the Russian TMK Group, the majority shareholder of the company. The funds received through the two credits are intended to be used for funding manufacturing and sales activities. The first loan, worth 8.5 million euros, will be taken out for four months, and the second will be taken out for one year. The Board of Directors of Artrom Slatina decided to postpone the taking out of a commercial loan worth 16.5 million euros from the majority shareholder, Germany”s Sinara Handel, another commercial representative of the Russian TMK Group. The decisions of the Board of Directors will be submitted to the General Meeting of Shareholders for approval in the second half of January. The representatives of the company said the first loan was postponed because the company did not manage to put together the necessary documents to get it in due time. ZF