June 22 (SeeNews) - Bulgarian blue chip company MonBat AD on Monday said it will set up a car battery dealer in the UK.
MonBat will hold a 52% stake in the new business, MonBat UK Ltd., which will have a capital of 10,000 British pounds (11,8762 euro), the Bulgarian car battery maker said in a statement.
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The MonBat managing board has also adopted a decision for the the acquisition by the company's wholly-owned Serbian subsidiary Monbat DOO of a 51% stake in Serbian car battery dealer YU Monbat at a price no higher than 210,000 euro ($290,568), the statement said.
MonBat stock lost 2.27% to 4.5 levs in a volume of 5,608 shares on the Sofia bourse on Monday.
($=0.7227 euro)