Monbat will pay 10.3m euros for the majority stake in Tunisian NOUR
The contract for the acquisition of 60 percent of the capital of the African battery manufacturer has already been signed
It has also become clear how much it will cost Monbat to buy the majority stake in the Tunisian Company of Batteries NOUR, which we announced yesterday. In a statement on the BSE-Sofia, the Bulgarian company announced that the Board of Directors has approved the acquisition of 60% of the capital of NOUR, and the purchase of shares will take place in two tranches. Today, Monbat released a new announcement stating that the contract has already been signed and that exactly 10.3 million euros will be paid for the acquisition.
For this amount, the Bulgarian company will become the owner of 720 thousand of the shares of NOUR, which is equal to 60 percent of the capital of the Tunisian battery manufacturer. The acquisition transaction will take place in two stages, first the shares will be bought and paid for 23% of the capital of NOUR, and the remaining 37% will be acquired and paid by December 31, 2021. The transaction will be financed with own funds and those raised from a bond issue.
The Monbat deal is in line with Monbat's strategic goals of setting up its own production base and expanding its market presence in North Africa and the Middle East, including, but not limited to, Tunisia, Algeria and Libya.