October 5 (SeeNews) - Romanian dairy farm Albalact said on Monday it has raised its stake in local cheese producer Raraul Campulung Moldovenesc to 93.6% from 77% in a capital hike.
Albalact has subscribed for shares of Raraul Campulung Moldovenesc worth 3.82 million lei ($1.3 million/895,200 euro), Albalact said in a statement.
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The dairy bought a 77% stake in the cheese producer in October last year in a bid to diversify its range of cheese products. It said on Monday it plans to enter the cheese segment under the Raraul brand by the end of the year.
Albalact (www.albalact.ro), set up in 1990, is located in the Alba county in central Romania. It produces the Albalact, Zuzu and Fulga brands. It competes with France's Danone, Germany's Hochland and Romania's LaDorna.
The dairy, which has said it ranks fourth on the Romanian dairy market, reported a first-half net profit of 2.81 million lei compared to a net profit of some 964,693 lei a year ago.
Albalact shares were last traded down 0.84% at 0.354 lei at 1312 GMT on the Romanian over-the-counter market RASDAQ on Monday.
(1 euro=4.2673 Romanian lei)