The UTI group has signed a credit agreement with OTP Bank, worth a total of 11 million euros, with the amounts to be used for the group's routine operations, according to company representatives. The credit cap for several foreign currencies is valid for one year for cash credits and for two years for non-cash loans. The one-year credit stands at a total 2.5 million euros, while the remaining 8.5 million euros span over a two-year period. The UTI group, operating on the security, IT&C and constructions services market, is controlled by businessman Tiberiu Urdareanu and by the investment fund AIG Fund, which last year took over a 30% stake following a cash contribution worth some 17 million euros. The money raised in the wake of AIG's investment will be used over the course of next year to make UTI's four lines of business (securities and services, IT&C, electrical and mechanical installations, military systems) more efficient and to launch new products and services. UTI Group estimates a profit worth 10.7 million euros for this year, and a turnover worth some 76.6 million euros, an approximately 26% increase against last year.
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