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TAIF Group in mass-media
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22.12.2009 |
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«Vremya I dengi», |
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Kazanorgsintez shareholders approved receipt of credit facilities from Sberbank
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The shareholders of OJSC Kazanorgsintez approved the agreement on opening of a credit line between the company and Sberbank and a loan agreement between Kazanorgsintez and TAIF Group.
Under these agreements Sberbank provides loans to the company to enable it to pay off its debts, Tatar-inform reported.
Just to remind, the issue of provision of a new credit to Kazanorgsintez by Russian banks for the purpose of paying off its debts used to arise since the middle of 2009. In July 2009 Senior Vice-Premier of Russian Government Mr. Igor Shuvalov announced a possibility of providing the enterprise with state guarantees up to RUB 15 mln. in respect to the credit facility. At the end of October Russian Government approved state guarantees to the amount of 10 bln. directly for Kazanorgsintez and 7,5 bln. more for PSC TAIF which is the principle shareholder of the enterprise. These guarantees were aimed to draw in total RUB 35 bln. of credit facility from Sberbank. At the moment, the companys consolidated debt is over RUB 30 bln.
At the extraordinary meeting, the shareholders of Kazanorgsintez adopted a decision to approve the agreements on credit facility with Sberbank as well as the loan agreement with PSC TAIF. Also the shareholders agreed to transfer the companys property as collateral to secure the liabilities of Kazanorgsintez and PSC TAIF to Sberbank.
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27, Shchapova Str., 420012 Kazan, Republic of Tatarstan, Russia |
Tel.: +7 (843) 277-94-02
Fax: +7 (843) 277-94-03
E-mail: bars@taif.ru
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