November 23 (SeeNews) - Bulgarian sugar and ethanol producer Zaharni Zavodi [BUL:ZHZA] said it will seek authorisation from its shareholders to take out a loan of 12 million levs ($6.33 million/6.14 million euro) from investment and consultancy company BST-Bulgaria.
Shareholders will vote on the proposed transaction at an extraordinary general meeting scheduled on December 23, Zaharni Zavodi said in a bourse filing on Tuesday.
Via the loan, the company will secure financing needed for its trading activity, Zaharni Zavodi said, adding that it will pay a fee for the loan corresponding to market interest rates, it said.
Earlier this month, Zaharni Zavodi reported a consolidated net profit of 27.5 million levs for the first nine months of 2022, up from 4.6 million levs profit in the same period of 2021. At the same time, revenue rose to 167.2 million levs from 100.2 million levs.
Based in the town of Gorna Oryahovitsa, Zaharni Zavodi has four wholly-owned subsidiaries and operates several production facilities, including a sugar refinery and a confectionery plant.
(1 euro = 1.95583 levs)