May 19 (SeeNews) - Romanian construction holding company Roca Industry [BSE:ROC1] said that it is in the process of acquiring 99.99% of local cable manufacturer Electroplast for 9 million euro ($9.7 million), as the transaction is awaiting the approval of the shareholders.
The company will also seek to increase its share capital by a maximum of 150 million lei ($32.4 million/30.1 million euro) and transfer from the AeRO market to the main market of the Bucharest Stock Exchange, Roca Industry said in a press release on Tuesday.
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The company's shareholders will hold a meeting on these issues in June.
Roca Industry was founded by Roca Investments in 2018 and operates as a holding company specialising in Romanian construction material producers. The holding currently includes seven companies.
Electroplast is a Romanian cable manufacturer and also active in the railway infrastructure sector. The company was established in 1993 and has thus far produced more than 2.5 million km of cable, serving over 5,000 customers.
($=0.928 euro)