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Nov 26, 2007 14:56 EEST
November 26 (SeeNews) - Saudi Arabia's Al Arab Contracting Company, the majority owner of Romanian electrical equipment manufacturer Electroputere, has injected 35 million euro ($51.94 million) of operating capital in the Romanian company in an attempt to end its liquidity crisis, Romania's privatisation agency AVAS said in Monday.
Earlier this month Al Arab acquired a 62.82% stake in Electroputere for 2.3 million euro, after beating the competition of Romanian companies A5 Invest SRL Caransebes and Grup Feroviar Roman S.A. in June.
Under the sale contract, Arab Contracting Company should invest 23.1 million euro in upgrades and environmental projects in the Romanian company. It should provide another 37 million euro in operating capital and should pay Electroputere's debts which total 44 million euro.
Electroputere has four divisions that manufacture locomotives, electric engines, power transformers and other electrical equipment.
It reported a net loss of 30.71 million lei ($12.71 million/8.56 million euro) for the nine months through September, up from 30.45 million lei net loss a year earlier.
Electroputere stock closed down 2.80% on Monday at 1.04 lei per share on the Bucharest Stock Exchange, where the company is listed.
(1 euro = 3.5862 Romanian lei)
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