Romanian chemical group Chimcomplex (CHOB), which took over Oltchim's core assets in 2018, borrowed EUR 56.7 mln from two local banks (CEC, Alpha Bank) to fully repay the EUR 164 mln financing extended for the takeover by Credit Suisse Zurich and VTB Frankfurt.

At the same time, the main owner of the group (85%), Stefan Vuza, announced plans to borrow EUR 500 mln from international markets to finance expansion.

"I think that it's a time not to protect your business, but to move quickly to the next level, because, unlike after the 2008 crisis, now the things are moving much faster [and] only those companies that quickly invest in the models of the future and abandon the old models (even of still profitable) will survive," Ştefan Vuza wrote on his account on the LinkedIn platform, Ziarul Financiar reported.

In contracting the EUR 56.7 mln, Chimcomplex has relied on consultancy services provided by Financial Consulting experts of Deloitte Romania.

andrei@romania-insider.com

(Photo source: the company)