Germany's Quarzwerke Group will acquire by the end of the week 67% of local mineral extracting company Kaolin at a price of BGN 4.1 (EUR 2) per share, Capital daily reported on May 28. Quarzwerke Group, whose main field of business is the extraction, processing and refining of industrial minerals, will buy the stake from local investment fund Alpha Finance Holding. A preliminary acquisition agreement was signed in December 2012. Earlier in 2013, Quarzwerke Group was given permission by the Bulgarian competition watchdog to close the deal.
Kaolin (BSE: 6K1) is one of the most liquid companies trading on the Bulgarian stock exchange. It is included in the two major local stock market indices - SOFIX and BG40.
The company's Q1 2013 net profit declined 5.5% y/y to BGN 2.3mn. Kaolin ended 2012 with a net loss of BGN 14.3mn. The company exploits more than 40 fields and 18 production units in SEE countries. According to earlier reports Kaolin considers expanding its production capacities in Ukraine.
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