Romania's Impact Developer & Contractor To Borrow 12 Mln Euro To Finance Housing Project

The company's shareholders approved the loan on September 27 at an extraordinary meeting, Impact said in a statement.

The company’s shares, part of the BET blue-chip index of the Bucharest Stock Exchange, were suspended from trading on Monday due to a general shareholders' meeting. They resumed trading on Thursday and last changed hands 4.89% up at 0.097 lei ($0.04/0.03 euro) by 0751 GMT.

The Lomb housing project should include at least 1,000 residential units. It is located in Cluj-Napoca, a city of some 318,000 people in the affluent northwestern part of Romania. Impact won the tender to develop the project in October 2006.

Impact Developer & Contractor was set up in 1991 and is one of Romania's leading private real estate developers. The company reported a first-half net profit of 14.1 million lei, some 30% higher than a year earlier.

(1 euro = 3.744 Romanian lei)