ZERITIS GROUP INCREASES ITS STAKE IN BUDAFOK RECYCLING Zrt. FROM 50.2% TO 83.7%

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30.05.2019

ZERITIS GROUP INCREASES ITS STAKE IN BUDAFOK RECYCLING Zrt. FROM 50.2% TO 83.7%

Today, May 30th, 2019, Zeritis Group announces the completion of the acquisition of 33.5% of Budafok Recycling Zrt.

Budafok Recycling Zrt. is specialized in waste paper recycling and trading and has the capacity to sort and bale approximately 60,000 tons per year.

The target of the acquisition is to obtain augmented majority rights, in order to improve the company’s corporate governance practices and capital structure. Following the transaction, Zeritis Group plans to proceed with a capital increase of EUR 0.5 million.

Georgios Bakos, General Manager of Zeritis Group, commented:“Zeritis Group further establishes its presence in Ηungary, one of the world’s ten most attractive investment destinations. As a next step, management shall focus on the optimization of the company’s operations in view of sustainably scaling up production output and supplying Europe with increasing quantities of waste paper.”

George Kriatsiotis, CEO of Budafok Recycling Zrt., added:“Following the acquisition of the 33.5% stake, I look forward to further exploiting the opportunities arising under the leadership of Zeritis Group.

Smart Legal Schmidt & Partners acted as the legal advisor on the deal for Zeritis Group.