The UTI group, whose business includes construction, securityand IT operations, and is held by businessman Tiberiu Urdareanu andUS-based fund AIG, took out a 68 million-euro loan from Austria'sRaiffeisen Bank to finance ongoing contracts, investments andworking capital. This loan that UTI got could be a first sign thatbanks are more open to granting loans to the private sector, afterhaving been reluctant to do it in 2009.
UTI has already got a 28 million-euro tranche, with the rest ofthe money to be drawn as projects are carried out. "The globalvalue of the cap is approved by Raiffeisen Vienna. We estimate the28 million-euro cap for working capital will be operational in thefirst week of February, while the amount for structural financingand investments are taken as we get projects to fund," TiberiuUrdareanu, chairman of the UTI group told ZF.
Out of the total, 25 million euros will go to fund the ongoingcontracts, discount and factoring operations, 15 million euros willgo to investments and 28 million euros, 24 million euros of whichnon-cash (letters of credit and letters of guarantee), will go toworking capital.
UTI is one of the most important suppliers of informationtechnology and security solutions on the local market, being knownfor the traffic management system in Bucharest that it created andfor the introduction of the automated public transportation passvalidation system used in Bucharest's public transportation.
Urdareanu anticipates turnover will reach 135 million euros thisyear if the worst-case scenario comes true, 13% higher comparedwith the previous year. In case the contracts for the foreignprojects for which it bid are signed, the business could reach 160million euros.
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