November 18 (SeeNews) - Bulgarian farming company Agria Group Holding [BUL:AGH] said on Friday that it has agreed to acquire local bioethanol producer Almagest in a deal which would give it access to new market segments and expand its geographical foothold.
The price of the acquisition was not disclosed.
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Agria will purchase 441,866 shares with a par value of 80 levs ($42.33/40.90 euro) each, representing 100% of Almagest’s capital, the farming company said in a bourse filing.
The investment would result in long-term security and sustainability of the company's business model, improved cash flow and value creation, Agria said.
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.
By 1618 CET on Friday, Agria shares traded flat at 24 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)