Coop urges Mikati to provide LL 75 billion treasury loan


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 .