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Fortenova sells agri unit to Podravka for 333 mln euro
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Turkish retailer Migros to sell Ramstore Bulgaria for over 39 mln euro

Mar 11, 2021, 12:30:03 PMArticle by Aleksia Petrova
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March 11 (SeeNews) - Turkish supermarket chain Migros [IST:MGROS] said that it signed an agreement to sell its wholly-owned subsidiary Ramstore Bulgaria - a dormant company which owns 99% of Ramstore Macedonia, to Skopje-based construction company City Plaza for 39.2 million euro ($46.9 million), VAT excluded.

Turkish retailer Migros to sell Ramstore Bulgaria for over 39 mln euro
Source, pixabay

The deal was signed on March 9, Migros said in a bourse filing on Wednesday.

The proceeds from the deal will be used for deleveraging of Migros, the company said in the filing.

The transaction will be completed after it receives legal approval, the bourse filing showed.

Ramstore Macedonia contributed 1.2% to Migros' consolidated sales in 2020, according to the stock exchnage filing.

($ = 0.83585 euro)

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