The framework agreement is for a credit of 60,000 euros, which will be used to provide for Prista Oil AD’s needs, including to finance acquisitions of companies operating in the oil industry, capital investment and turnover.
Gramercy is a minority shareholder of 25% from the capital of Prista Oil Group B.V., respectively indirect shareholder in Prista Oil AD and Monbat AD-Sofia.
Gramercy will be guaranteed through a special gage on 1,238,760 shares from the capital of Monbat AD owned by Monbat Trading OOD and 13,320,000 shares owned by Prista Oil AD.
In the first four months of 2007 Monbat generated sales revenues worth 33.936 mln leva up 37% year on year.
Profit in the period amounted to 4,397 mln leva up 97% from the same period last year.
Prista Oil controls 68.3% from the company’s capital, while Monbat Trading holds 7.06%.
2,138 shares on this position have changed hands so far at 11.79 leva/share.