March 19 (SeeNews) - Romanian private healthcare services provider MedLife Group [BSE:M] said on Tuesday it signed an addendum to a syndicated loan agreement to increase its credit limit by 50 million euro to 268.3 million euro ($291.1 million).
The syndicate of banks that signed the credit limit increase consists of Banca Comerciala Romana, Raiffeisen Bank, BRD Groupe Societe Generale, Banca Transilvania, and ING Bank N.V. Amsterdam Bucharest Branch, MedLife Group said in a press release.
The additional funds will primarily support the group's acquisition strategies while maintaining a cautious approach, said Mihai Marcu, president and CEO of MedLife Group. He also said that these acquisitions would focus on profitable companies to sustain the group's profitability and debt indicators.
MedLife Group swung to a net loss of 5.67 million lei ($1.2 million/1.1 million euro) in 2023, from a net profit of over 37.4 million lei in the year before.
Established in 1996, MedLife is among Romania’s largest healthcare providers, with 35 hyperclinics, 68 clinics, 15 hospitals – located in Bucharest, Arad, Sibiu, Brasov, Cluj, Ploiesti and Pitesti, 39 laboratories, 21 pharmacies and 18 dental clinics. The group has also more than 170 private clinic partners around Romania.
Blue-chip MedLife’s shares traded 0.38% lower at 3.885 lei on the Bucharest Stock Exchange as of 1301 CET on Tuesday.
($=0.921725 euro)