PHI Group Inc (PHIL)

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MIRSANU.RO|Published on: 16.08.2017 23:21
American company PHI Group buys 51 million dollars in cash 51% of Constructions SA Sibiu from businessman Ioan Tusinean

PHI Group will take over the 51% stake in Constructions SA in Sibiu from the majority shareholder, businessman Ioan Tusinean, according to information available for the MIRSANU.RO transaction log.

The buyer is on the second purchase this year on the Romanian market.

On June 29, the PHI Group entered into a share transfer agreement to buy 51% of Constructii SA capital in exchange for 15 million dollars in cash, the buyer said.

The first transaction closure is scheduled to take place within 60 days of signing the contract.

The final conclusion of the sale of Constructions SA is expected to take place within 30 days of the first closing or on any other date, subject to the mutual written consent of the two parties.

Constructions SA reported a net profit of RON 4.2 million (EUR 0.93 million) in net turnover of EUR 121.6 million (EUR 27 million) and 276 employees in 2016, according to the latest balance sheet Made public.

Constructions SA was founded in 1950 under the name of "The Construction Company of the People's Council" Sibiu, having as object the execution of public and civil construction works, bridges, hydraulic constructions, industrial, rural, studies and projects. Activity on the radius of Sibiu County.

The shares of Constructions SA Sibiu were previously listed on the Rasdaq stock market.

Buyer, PHI Group is an investment company listed on the Nasdaq US stock market. PHI Group, established in 1982, announced in March the acquisition of a 51% stake in Maxagro agricultural business in Timis County, as well as its intention to raise a $ 50 million grant for the Maxagro business development.

Maxagro Group has budgeted a total agricultural area of ??1500 hectares and has a dairy farm for dairy cows, about 10 grain storage silos and a warehouse, according to information made public.

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