SOFIA (Bulgaria), August 17 (SeeNews) – Bulgarian car battery manufacturer MonBat [BUL:5MB] said on Thursday it has signed a Letter of Intent (LoI) with the shareholders of Tunisia-based lead storage batteries manufacturer ASSAD for the acquisition of a majority stake in ASSAD.
The final decision for the acquisition is expected by the end of November after due diligence has been carried out, MonBat said in a statement.
You can subscribe to our M&A newsletter here
ASSAD, founded in 1974, specialises in designing, manufacturing, distributing and recycling of lead storage batteries. The company has two production factories in Tunisia, which employ more than 750 people.
MonBat operates four plants for manufacturing and recycling of lead-acid batteries, diodes and light-emitting diode luminaires.
MonBat shares closed without change at 1.939 levs ($1.16/0.99 euro) in a trading volume of 135,339 units on Thursday.
(1 euro = 1.95583 levs)