ROMGAZ Shareholders Approve Loan Facility Decrease & Extension
Societatea Nationala de Gaze Naturale ROMGAZ – S.A. held its Ordinary General Meeting of Shareholders on November 27, 2023. During the meeting, several important decisions were made regarding the Loan Facility Contract and the authorization of key individuals to sign necessary agreements. The shareholders approved the decrease of the Loan Facility ceiling by RON 130 million, bringing it down from RON 630 million to RON 500 million. Additionally, the loan facility agreement with Banca Comercială Română SA was extended by one year. Let’s delve into the details of these developments.
The decrease in the Loan Facility ceiling reflects the company’s strategy to optimize its financial resources and align them with current market conditions. By reducing the ceiling by RON 130 million, from RON 630 million to RON 500 million, ROMGAZ aims to enhance its financial flexibility. This decision is expected to have a positive impact on the company’s overall financial performance.
Furthermore, the shareholders authorized Mr. Răzvan Popescu, Chief Executive Officer, and Mrs. Gabriela Trânbițaș, Chief Financial Officer, to sign the Addendum to the Loan Facility Agreement No. 201812070225 for the year 2024. This demonstrates the trust and confidence vested in these key individuals to effectively manage and negotiate financial agreements on behalf of ROMGAZ.
In addition to authorizing the company’s executives, the shareholders also granted authorization to the individuals with type I and II signing rights in Banca Comercială Română to sign requests for issuing and modifying guarantee instruments under the facility granted by the bank. This authorization extends to signing any other necessary documents related to the loan agreement. This decision streamlines the process and ensures efficient management of the loan facility.
ROMGAZ’s shareholders recognize the importance of prudent financial management and the need to adapt to evolving market conditions. The decrease in the Loan Facility ceiling and the extension of the loan agreement reflect the company’s commitment to optimizing its financial resources and ensuring long-term sustainability. These decisions highlight ROMGAZ’s proactive approach in managing its financial affairs and position it for continued success in the natural gas industry.
In conclusion, the outcome of the Ordinary General Meeting of Shareholders of ROMGAZ brings about significant changes to the Loan Facility Contract and demonstrates the company’s dedication to prudent financial management. By approving the decrease of the Loan Facility ceiling and extending the loan agreement, ROMGAZ aims to enhance its financial flexibility and optimize its resources. The authorization of key individuals to sign necessary agreements further strengthens ROMGAZ’s ability to effectively manage its financial affairs. With these strategic decisions, ROMGAZ is well-positioned for continued success in the natural gas sector.
