Bulgarian battery manufacturer Monbat has completed the acquisition of a 60 percent stake in Tunisian Company of Batteries NOUR for EUR 10.3 million.
The acquisition was primarily financed by using the unutilised part of the proceeds from bond issues emitted in 2018 on the Sofia bourse and with own funds, according to Monbat.
Italian engineering company STC, part of Monbat group, and French firm Dross Engineering along with other leading players active in the battery recycling segment have been contracted to work on the deployment of a brand-new facility for recycling of used lead-acid batteries in Tunisia. The value of this investment is EUR 4.5 million. The facility is expected to become operational by the second quarter of 2023.
