Profil:
Sanok Rubber Company SASanok Rubber Company has deal with investment fund regarding sale of shares in subsidiary
Listed manufacturer of technical rubber products Sanok Rubber Company has entered into an agreement with Foreign Expansion Fund 2 FIZAN for the sale of a 30 percent stake in the share capital of the company's Finnish subsidiary Teknikum-Yhtiöt, Sanok said in a market filing. The fund's investment was envisaged for a period of seven to ten years.
According to the agreement, Sanok will have an option to repurchase the shares of the subsidiary from the fund, and the fund will have an option to sell the shares, also with an option for the fund to sell the shares early to Sanok in the event of a breach of selected provisions of the investment agreement.
The closing of the transaction was subject to conditions precedent, including the approval of the Finnish Ministry of Economic Affairs and Employment.
Teknikum-Yhtiöt is active in, among other things, the production of specialised industrial hoses and solutions to protect industrial equipment from wear and corrosion.
doa/ han/