Facor Alloys rises 14% on stake buy in Dutch firm

Written By Unknown on Selasa, 05 Maret 2013 | 15.45

Shares of Facor Alloys jumped nearly 14 percent intraday on Tuesday as the company's subsidiary purchased 51 percent stake in Netherlands-based company.

According to a release sent to exchanges, the company said its wholly owned subsidiary Facor Minerals (Netherlands) B.V. acquired a 51 percent stake in Netherlands-based company Dillenburg Bergen NH Realty B.V. (DBR) for a consideration of USD 10 million.

"DBR has a wholly owned subsidiary namely Cati Madencilik Ithalat ve lhracat A.S. in Turkey which is having a Chrome Ore Mining area of 572 hectares and exploration licence for an area of 26 hectares in Kayseri, Turkey," the company reasoned for buying stake.

At 13:40 hours IST, shares rose 8.07 percent to Rs 1.74 on Bombay Stock Exchange.

Market capitalisation of the company currently stands at Rs 34.03 crore.



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