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Feb 22, 2023 11:00 EEST
February 22 (SeeNews) - Bulgarian farming company Agria Group Holding [BUL:AGH] said on Wednesday that it completed the acquisition of local bioethanol producer Almagest, gaining access to new market segments through the deal.
As many as 441,866 Almagest shares, representing 100% of the company’s equity capital, were transferred to Agria on February 8, the farming firm said in a bourse filing.
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The acquired shares have a par value of 80 levs ($43.58/40.90 euro) each.
Almagest is focused on storing and processing grain for the production of bioethanol, which is used as a substitute for petrol in internal combustion engines.
The transaction is in line with Agria’s investment programme aimed at ensuring the presence of the group in the market of renewable energy sources, the company noted.
Agria agreed to acquire Almagest in November 2022, after submitting a takeover offer in October.
(1 euro = 1.95583 levs)
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