February 20 (SeeNews) - Macedonia's Tehnokomerc [MSE:TEHN], a retailer of car spare parts, tires, batteries, construction machines and hydraulic hoses, said it has received a letter of intent for the acquisition of the company.
"According to the law for acquisition of joint stock companies, the person Ilija Filipovski has informed the board of directors of the company on February 16 about his intention to announce an offer for the acquisition of all the shares issued by Tehnokomerc," the company said on Friday in a brief filing to the Macedonian Stock Exchange (MSE).
You can subscribe to our M&A newsletter here
Tehnokomerc posted a consolidated net profit of 6.5 million denars (112,070/105,550 euro) in the first nine months of 2016, down 52% year-on-year. Its revenues increased by 3% on the year in the period under review, reaching 192.5 million denars, the company said in its financial statement for the period January-September.
The company closed 2015 with a net profit of 11.7 million denars and total revenues of 255.8 million denars.
The market capitalisation of Tehnokomerc was 18.1 million denars as of the end of 2015, whereas its assets totalled 337.1 million denars.
(1 euro = 61.5748 denars)