BUCHAREST - Romanian state-owned gas producer S.N.G.N. Romgaz S.A. announced today that its Ordinary General Meeting of Shareholders (OGMS) approved the extension of a significant loan facility agreement with Banca Comercială Română S.A. (BCR). The resolution, passed with a substantial majority, extends the existing Loan Facility Agreement by one year, enabling Romgaz to continue issuing bank guarantee instruments and standby letters of credit up to a limit of RON 500,000,000.
The OGMS, which met the quorum requirements as per the company’s Articles of Incorporation and the Company Law, also authorized Chief Executive Officer Răzvan Popescu and Chief Financial Officer Gabriela Trânbițaș to sign the addendum to the loan agreement. Furthermore, individuals with type I and II signing rights at BCR are authorized to sign requests for issuing and modifying guarantee instruments under the facility.
In addition to the loan facility extension, the OGMS took note of reports detailing transactions with affiliated parties and other public enterprises, which occurred between June and October of this year. These reports are part of the company's compliance with legal requirements regarding transactions with affiliated parties.
The voting results reflected strong shareholder support for all resolutions, with approval rates exceeding 88% of exercisable votes and 100% of votes validly cast for each article of the resolution.
This financial maneuver comes as a strategic step for Romgaz in maintaining its financial flexibility and supporting its ongoing operations. The company, which is traded on both the Bucharest Stock Exchange (BVB) and the London Stock Exchange (LON:LSEG) (LSE), is a significant player in the Romanian natural gas market.
The information regarding these corporate decisions is based on a press release statement from Romgaz and has been disseminated through RNS, the news service of the London Stock Exchange.
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