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Provider: Reuters Investment Profile
Provider: Wright Reports

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G & L Beijer AB Acquires Remaining Shares in Jointly Owned Company in Mozambique

Wednesday, 6 Feb 2013 04:10am EST 

G & L Beijer AB announced that it is exercising its option and acquires the remaining 60% of the shares in the jointly owned company, Metraclark LDA, in Mozambique. The Company established an operation in Mozambique in November 2011 through its South African subsidiary, Metraclark, which together with the wholesaler, Logos Industrias, formed a joint-venture company. Initially, the Company acquired 40% of the newly formed company to which an operation was provided with annual sales of approximately SEK 15 million. In connection with the transaction, the Company received an option to acquire the remaining 60% of the company, which is being exercised. The operation in Mozambique has developed positively and reported sales of approximately SEK 20 million for 2012. As the company becomes wholly-owned, additional resources can be provided to enable the further development of the operation in Mozambique. 

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