Romania’s Cometex Opens 6 Mln Euro Shopping Centre in Brasov

The centre offers 7,500 square metres of retail space and parking for more than 120 cars, Cometex said in a statement.

The company partially funded the development itself, taking out bank loans to cover the remainder.

Altex acquired Cometex in 2005 for 265.3 billion lei ($8.9 million/6.8 million euro) via a public offer.

Romania cut four zeroes off its legal tender on June 30, 2005, switching to the 'heavy leu' currency.

Altex had 70 Altex Megastores-branded outlets and 16 Media Galaxy-branded units at the end of the first quarter in Romania, a country of 21.6 million people. It has cut its turnover forecast for 2008 by 30 million euro to 400 million euro due to expected slowdown in consumer credit lending by banks.

(1 euro=0.7696 Romanian lei)