September 8 (SeeNews) - Croatia's state-controlled fertiliser producer Petrokemija [ZSE:PTKM-R-A] said on Thursday it has signed a 200 million kuna ($30.1 million/26.7 million euro) loan agreement with the state-owned development bank Hrvatska banka za obnovu i razvitak (HBOR).
The funds will be directed towards company restructuring and financial consolidation in line with a Croatian government decision, Petrokemija said in a filing with the Zagreb bourse.
Last week, the government approved the conclusion of a loan agreement between the fertiliser producer and HBOR. The government owns nearly 80% of Petrokemija.
In May, the government removed Petrokemija from a list of companies regarded to be of strategic importance for the country and banned for privatisation, along with a further seven big firms. It had said earlier it would like to find a strategic partner for the company, while retaining a stake of at least 25% plus one share.
In November last year, Petrokemija announced it had received five expressions of interest from investors ready to recapitalise it as part of an ongoing restructuring drive.
The consolidated net loss of Kutina-based Petrokemija narrowed to 93.2 million kuna in 2015 from 463 million kuna a year earlier. It had long-term liabilities of 139.9 million kuna and current liabilities of 954.3 million kuna as at end-March.
($=7.48417 euro)