The shareholders of "Foraj Sonde" Târgu Mureş will review on September 8th a proposal of the Board of Directors to refinance a loan of 34.2 million lei taken from the Anglo Romanian Bank and of leasing contract of 16.8 million lei from Eurial Leasing, currently named NBG Leasing.

Also, the agenda includes increasing an existing line of credit by 6 million lei, apart from the loan of 3 million Euros that the company had announced on August 5th that it planned to borrow. The line of credit has been taken from Anglo Romanian Bank and currently amounts to 1.5 million Euros. The addition of new items to the agenda was requested by the chairman of the Board of Directors and by the managing director of the firm, Vasile Aron, who owns 75.07% of the stock.

The loan from Anglo Romanian Bank will be guaranteed with several of the company"s assets, including two plots of located within the built area of the city, as well as equipment and machinery.

Another proposal concerns the creation of a joint venture in Cyprus, to which Foraj Sonde would contribute in kind (a drilling installation).

Last year, "Foraj Sonde" Târgu Mureş had a net profit of 2.6 million lei, up 24% over the earnings of 2008 (2.1 million lei).

Ovidiu VRÂNCEANU, Braşov ( Translated by COSMIN GHIDOVEANU) The shareholders of "Foraj Sonde" Târgu Mureş will review on September 8th a proposal of the Board of Directors to refinance a loan of 34.2 million lei taken from the Anglo Romanian Bank and of leasing contract of 16.8 million lei from Eurial Leasing, currently named NBG Leasing.

Also, the agenda includes increasing an existing line of credit by 6 million lei, apart from the loan of 3 million Euros that the company had announced on August 5th that it planned to borrow. The line of credit has been taken from Anglo Romanian Bank and currently amounts to 1.5 million Euros. The add