October 13 (SeeNews) - Romanian construction materials holding ROCA Industry [BSE:ROC1], part of ROCA Group, said that it is buying 55% of Moldovan construction materials company Europlas, for 325,000 euro ($315,378).
The transaction will be carried out through subsidiary BICO Industries, ROCA Industry said in a report filed with the Bucharest Stock Exchange on Wednesday.
You can subscribe to our M&A newsletter here
The acquisition of the 50% package was completed at the time of the contract signing, while a further 5% will be purchased within six months from the respective date, the report further showed.
Europlas is the third company targeted by BICO Industries this year, following the complete takeover of Moldova's Terra Impex and the advanced negotiations for the acquisition of 77% of Lithuania's Iranga Technologijos.
Based in Moldova, Europlas is a producer of reinforcing mesh which has booked a turnover of 2 million euro in 2021. Under BICO's management, the company expects its turnover to reach 4.5 million euro in 2023.
ROCA Industry, part of ROCA Group, was established in December and booked a turnover of 41 million euro in the first six months of this year. Since its formation, ROCA Industry acquired 70% of BICO Industries and 100% of Sarcom, Terra, Eco Euro Doors and Dial.
Its shares traded traded 4.65% lower at 8 lei ($1.58 million/ 1.62 million euro) on the AeRO market of the Bucharest Stock Exchange by 1307 CET on Thursday.
($=1.0305 euro)