Kazakh plant to attract large loan

Kazakh Aktobe Oil Equipment Plant will attract a large loan in “ATF Bank” in order to refinance the existing loan debt and replenish working capital, said the report of Kazakh Stock Exchange (KASE).

The decision was taken unanimously at a meeting of the Board of Directors of the plant on August 17, according to the message.

During the council meeting, it was decided to conclude a large deal with “ATF Bank” JSC, associated with the opening of three lines of credit with interest rate and other payments on the terms determined by the bank.

In particular, the plant plans to attract a mixed credit line for a period of 36 months in the amount of 457 million tenge (188.35 tenge = $1) to finance the loan debt from “VTB Bank” JSC (Kazakhstan) and participation in the program of business support and development “Business Road Map 2020”.

In addition, it is planned to attract a revolving credit line for a period of 35 months in the amount of 1.25 billion tenge to refinance debt in the second-tier banks and replenishment of working capital.

Aktobe oil equipment plant also plans to bring a non-revolving credit line for a period of 60 months in the amount of 600 million tenge for investment with participation within the program of small and medium-sized business in the manufacturing industry “Damu Ondiris” and the program of support of big entrepreneurship subjects in the processing industry “Kazakhstan Development Bank” JSC.

Aktobe Oil Equipment Plant is going pawn available property in order to ensure the loan obligations.

Aktobe Oil Equipment Plant JSC is one of the largest specialized machine-building enterprises of Kazakhstan for the production of integrated oilfield equipment.

The plant has implemented uninterrupted supplies of oilfield equipment for many oil companies of Kazakhstan for 12 years.

/By Trend/