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Serbian units of Bulgaria's Sopharma to fund expansion via bank loans

Author Mario Tanev
Serbian units of Bulgaria's Sopharma to fund expansion via bank loans Sopharma Trading/All rights reserved.

SOFIA (Bulgaria), June 11 (SeeNews) - Bulgarian drug maker Sopharma [BUL:3JR] said that Serbia-based Sopharma Trading Beograd and Sopharma Trading Pharmaceuticals Beograd intend to seek bank loans from Raiffeisen Banka Beograd in order to finance their expansion in the country.

Sopharma controls Sopharma Trading Beograd and Sopharma Trading Pharmaceuticals Beograd through its majority-owned unit Sopharma Trading [BUL:SO5].

Sopharma Trading Pharmaceuticals Beograd intends to finance the acquisition of a land plot in Stara Pazova, construction of a storage and administrative base, and purchase of equipment and vehicles via a 19.2 million euro ($21.7 million) loan, Sopharma said in a bourse filing on Monday.

Another loan from Raiffeisen Banka Beograd, worth 5.2 million euro, will be used by Sopharma Trading Beograd for the acquisition of a land plot in Nis, construction of a storage and administrative base, and purchase of equipment and vehicles.

In addition, Bulgaria's Sopharma Trading is planning to take out a 24.6 million levs revolving loan from local Expressbank, to cover its working capital needs.

As at 12:00 CET on Tuesday, Sopharma shares traded 0.29% higher at 3.49 levs on the Bulgarian Stock Exchange.

By the same hour, Sopharma Trading shares were 0.70% down at 7.05 levs.

($ = 0.8835 euro)

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