Kaolin Jsc () acquired 100% of the capital of Albanian M.I.D.AL Shpk yesterday (December 13), BSE reports.
M.I.D.AL Shpk's core activity is extraction of industrial minerals and it is one of the leading producers of limestone in its country. It operates a quarry situated in close proximity with the capital Tirane.
With this acquisition Kaolin follows its strategic aim of expanding to the fast developing markets of the countries in Southeastern Europe. The company already controls similar enterprises in Serbia, Ukraine, and Romania.
At the beginning of the month Kaolin founded Solarpro Jsc, in which it controls 90% of capital. The new company's core activity will be production of photovoltaic modules and operating photovoltaic electrical power stations.
The establishment of Solarpro is part of Kaolin's strategy for development of green products and applications, leading to reduction of gas emissions into the atmosphere, as well as of the dependence on fossil fuels.
The company's consolidated profit grew from 7.162 mln leva (3.661 mln euros) to 17.016 mln leva (8.700 mln euros).
11,387 shares changed hands today at prices between 17 and 17.60 leva.