SOFIA (Bulgaria), February 23 (SeeNews) – Bulgarian drug maker Tchaikapharma High Quality Medicines [BUL:7TH] said that its shareholders have approved its plan to borrow up to 14 million euro ($17.2 million) in order to finance the construction of a new production plant just outside Sofia.

The proposal was supported by all shareholders present at the meeting, representing 99.88% of the total voting rights, Tchaikapharma said in a stock exchange filing on Monday.

The loan, to be provided by local lender United Bulgarian Bank (UBB), will have an interest rate of between 2% and 3%. The eight-year loan agreement will have a three-year grace period.