SSL International (LSE: SSL) has exercised an option to increase its stake in Beleggingsmaatschappij Lemore BV (BLBV), which is the holding company for its Commonwealth of Independent States (CIS) business, to 75% after its performance exceeded “all expectations".
It also agreed a further option with minority shareholder Abraca BV to take its BLBV shareholding to 100%, exercisable in 2011.
“We have been delighted with our investment in BLBV; the underlying performance of the business since our partnership began has exceeded all our expectations. Together with BLBV's existing shareholders and management, we have made excellent progress in bringing our businesses together. We are very optimistic for BLBV's prospects and the potential for SSL's products within the CIS and Eastern Europe,” said chief executive of SSL Garry Watts.
BLBV is engaged in the packaging and distributing of condoms and medical products for a number of companies in the CIS. Its key brands include Contex and Durex.
For the year to 31 December 2008 BLBV reported revenue of US$212 million with profit before tax of US$34 million.
The gross assets of BLBV as at 31 December 2008 were US$74 million.
The transaction is expected to make an impact on SSL's financial performance and be earnings enhancing in the first year. http://www.proactiveinvestors.co.uk/companies/news/13273/ssl-international-raises-stake-in-cis-holding-company-to-75-as-performance-exceeds-expectations-13273.html
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