ROMREAL - IMPROVED LIQUIDITY STATUS
(Thomson Reuters ONE) -
Following the announcement of 12 November 2010, RomReal announces that the all
the documentation for the EUR 11.6m Alpha bank loan is concluded and signed and
interest for the same period is paid in advance. The loan is extended for two
years with new maturity date 30 November 2012
According to the present liquidity budget, RomReal has sufficient cash today to
continue operations until the maturity date without any new disposals and
additional cash from other sources.
Kay Thorkildsen, RomReal CEO said:
"The Romanian real estate market continues a low volume activity with no visible
improvement during the fourth quarter of this year.
In this context, Romreal has released some of the value of its investment
portfolio by divesting one of its plots. The proceeds were used to partially
repay the loan to Alpha Bank and through negotiations, the lender has agreed to
extend the maturity of the loan. The Company's strategy remains in line to its
commitment for a further consolidation of the cash position through asset
divestment.
The macroeconomic indicators published by the National Bank of Romania show a
marginal improvement in the industrial output and labour productivity whilst
there is an impressive increase of 27% in exports compared to 2009. This can be
a sign that the country might be in the right path of recovery through its
recently applied austerity measures. "
For further information please contact:
Harris Palaondas
RomReal Investor Relations
+40731123037
investors(at)romreal.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: RomReal via Thomson Reuters ONE
[HUG#1476830]
Unternehmensinformation / Kurzprofil:
Datum: 03.01.2011 - 22:22 Uhr
Sprache: Deutsch
News-ID 50182
Anzahl Zeichen: 2456
contact information:
Town:
Hamilton
Kategorie:
Business News
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