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OTP Bank Romania refinances Cocor Bucharest's 6.7 mln euro loan

OTP Bank Romania refinances Cocor Bucharest's 6.7 mln euro loan Cocor Bucharest store in central Bucharest

BUCHAREST (Romania), September 3 (SeeNews) - The Romanian unit of Hungarian banking group OTP said on Tuesday it is extending a loan to Romanian shopping centre operator Cocor Bucharest in order to help it refinance a previously contracted 6.7 million euro ($7.3 million) loan.

The new loan must be repaid in 10 years in equal monthly instalments, OTP Bank Romania said in a press release.

"It is a pleasure for us to contribute to the financing of the shopping centre, the first one that promoted and supported Romanian fashion designers. By offering this loan to Cocor we also support micro-entrepreneurs active in design, according to our business strategy," OTP Bank Romania board member and deputy general manager for the corporate division, Dragos Mirica, said.

Cocor Bucharest is a company active in real estate rentals which operates a store of the same name in central Bucharest. The main shareholders of the company are Broadhurst Investments with 13.32%, investment funds SIF Muntenia with 10.2% and SIF Transilvania with 10.1%, as well as two individual shareholders with a little over 14% each. The remainder is in free float on alternative trading segment AeRO of the Bucharest Stock Exchange (BVB).

Cocor's shares last traded on July 3 when they closed 5.30% higher at 69.5 lei.

($=0.9137 euro)