May 31 (SeeNews) - Bosnian edible oil producer Bimal [SAJ:BBR9] said on Wednesday that it completed the acquisition of its Serbian peer Sunce, aiming to strengthen its position in the Western Balkans and consolidate the market.
Since 2019, when it became a majority shareholder in Sunce, a total 35 million euro ($37.4 million) have been invested in the Serbian company, Bimal said in a press release.
You can subscribe to our M&A newsletter here
“In the past three years, the Sunce factory was technically and technologically reconstructed, and oil production has reached the planned level of 200 tonnes per day. Further investments aimed at increasing the efficiency of the factory and production are underway,” Bimal CEO Ilija Stunded said.
Bimal was privatised in 2002 by Austria's Seed Oil Holdings, partially owned by Vienna-based Studen Holding.
($ = 0.9364 euro)