January 16 (SeeNews) - Greece's Pavlidis Marble-Granite, indirect majority owner of North Macedonia's marble producer Mermeren Kombinat [MSE:MERM], agreed to sell 100% of Pavlidis share capital to funds managed by Cyprus-based investment firm ECM Partners, Mermeren Kombinat said.
The transaction will only be completed after the competition authorities of Greece and North Macedonia grant the required clearance, Mermeren Kombinat said in a bourse filing on Friday.
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Pavlidis Marble-Granite is the sole owner of Dutch-based Stone Works Holdings Cooperatief, which is direct owner of an equity stake of 89.25% in Mermeren Kombinat.
Mermeren Kombinat is the global leader in the extraction and processing of snow-white marble. Sivec is the registered trademark of the fine-grained white dolomitic marble extracted from the quarries of the company, near the southern city of Prilep.
ECM Partners is a leading investment firm with a strategic focus on special situations opportunities across the region of Central and Southeast Europe, according to its website.