Ya Libnan

Coop urges Mikati to provide LL 75 billion treasury loan

Share:

Coop of Lebanon shareholders called on the cabinet on Friday to provide the cooperative with a LL75-billion treasury loan, according to local reports

The Shareholders issued a statement reminding Prime Minister Najib Mikati that he should implement decree Number 109, which has already approved the loan.

The committee criticized the delay in implementing the decree “specially since Coop has net assets of about LL200 billion that can easily be used to secure the loan.”

The shareholders also called on Mikati to appoint a temporary committee to manage the company.

The COOP was established in 1974, with 2 supermarkets in Sabra and Achrafieh under the name of “Popular Markets”, it was later changed to COOP after it expanded throughout the country. In the late 90’s COOP faced a financial crisis and reorganized .

Share:

Comments

2 responses to “Coop urges Mikati to provide LL 75 billion treasury loan”

  1. 5thDrawer Avatar
    5thDrawer

    Yah … come on Mikati … loosen up a little … what’s US $500,000 anyway? 😉
      Although, one wonders why it takes a ‘decree’ to approve a business loan they should get from a bank …
    Nice parking-lot. Maybe they want to replace all that dangerous glass, in case Assad or Hezzys drop by to shop with their special cars ….. might be why it’s not so popular … the ‘better’ shops look like bunkers.
    By the way … who are the ‘shareholders’, and how many of them are there?
    And … is that COOP as in chicken-coop? Or, was it supposed to be ‘CO-OP’ as in cooperative.

  2. Avatar
    Anonymous

    Yah … come on Mikati … loosen up a little … what’s US $500,000 anyway? 😉
      Although, one wonders why it takes a ‘decree’ to approve a business loan they should get from a bank …
    Nice parking-lot. Maybe they want to replace all that dangerous glass, in case Assad or Hezzys drop by to shop with their special cars ….. might be why it’s not so popular … the ‘better’ shops look like bunkers.
    By the way … who are the ‘shareholders’, and how many of them are there?

Leave a Reply