March 14 (SeeNews) - North Macedonia's marble producer Mermeren Kombinat [MSE:MERM] said that funds managed by Cyprus-based investment firm ECM Partners have completed the acquisition of its indirect majority owner, Greece's Pavlidis Marble-Granite.
The transaction was finalised on March 10, after the competition authorities of Greece and North Macedonia granted the required clearances, Mermeren Kombinat said in a bourse filing on Monday.
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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's shares have not traded on the Macedonian Stock exchange in the past year.
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.