If you need to know about batteries; you’ve come to the right place
Chinese flag点击这里访问我们的中文网站Chinese flag

Tunisia

Monbat buys into Tunisian lead battery market with share grab of Nour Batteries

Wed, 06/02/2021 - 11:11 -- paul Crompton
Monbat buys into Tunisian lead battery market with share grab of Nour Batteries

Lead battery business Monbat has bought a majority share holding of Tunisian lead-calcium battery and recycling firm Nour Batteries for €10.3 million ($12.5 million).

A contract for the purchase of 720,000 shares (60% of all shares) was signed on 12 May following a decision by the Bulgarian-based Monbat’s board of directors. 

The deal will take place in two stages: the first is for 23% of the shares; the remaining 37% will be acquired and paid before 31 December, 2021.  

Monbat intends to “modernise the production” of Nour Batteries and expand the recycling plant’s capacity. 

Starting next year, Nour will produce around one million starter batteries per year, which could be doubled in the future. 

The company’s owner Atanas Bobokov said the Nour factory would help Monbat meet demand as the company’s customers “currently order larger quantities than the company can produce”.

Bobokov was released from Bulgarian custody in November on BGN2 million ($1.2 million) bail following allegations he had illegally imported and exported waste lead battery products, reported Sofia news agency Novinite.

Bobokov resigned as the firm’s CEO to “preserve the stability of the company” last June.

Monbat has been interested in expanding into North Africa for several years, and aims to have more than 60% of its market outside of the European Union within five years.

In 2017, Monbat tried to negotiate a deal to buy the Tunisian industrial battery company Assad, but the deal never materialised.

Tunisia has duty-free trade arrangements with 15 African and Middle Eastern countries, including Saudi Arabia—one of Monbat’s major markets. 

Bobokov said in a statement: “The enterprise that Monbat is about to acquire now is smaller than Assad, yet it is a strategic advantage for the Bulgarian company to set foot in Tunisia. 

“We intend to turn Nour into Monbat’s second pillar, so to say, a pillar in Africa.

“Our investment in Tunisia will boost our sales in Saudi Arabia, because we have had to pay a 10% customs duty so far, while the new factory will make our products highly competitive.”

Nour’s previous owner will retain a 40% stake in the enterprise. 

In February, Battery maker Monbat Economic Group established Bulgaria’s first accredited lead-acid battery testing laboratory.

 
Sign-up to our FREE weekly industry newsletter, to get the weeks news delivered to your inbox every Monday.

Monbat drops plans to acquire control of Assad

Mon, 10/22/2018 - 00:00 -- John Shepherd
Assad battery

Bulgarian lead-acid battery manufacturer Monbat has dropped plans to buy a majority stake in Tunisian lead firm Assad.

The decision to scrap the deal, announced last year, came amid reports of an alleged pending legal case concerning the land on which Assad built its production plant— and concern that Monbat would be unable to retain control of an Assad subsidiary in Algeria because of proceedings in that country.

Monbat declined to comment in detail, but a spokesperson said: “In the course of the final stage of the due diligence of L’accumulateur Tunisiene Assad, there were subsequent matters disclosed which are challenging the originally expected value creation and are increasing Monbat’s level of enterprise risk.”

Other projects being financed by Monbat’s recent corporate bond issue are under way and an update will be issued to investors in due course, the Sofia-based company said in a filing with Bulgaria’s Financial Supervision Commission.

Monbat said it would “sustain its investment selectivity and focus on those business projects in the current pipeline, which provide the best match between return and operational risk”.

Assad, founded in 1974, designs, manufacturers, distributes and recycles lead-acid batteries for applications, including automotive, marine, solar, industry and telecoms.

Assad has reported a combined annual production capacity of 1.2 million batteries. The firm’s recycling arm was launched in 2002 to recycle around 10,000 tons of used batteries from the Tunisian market each year.

Monbat was founded in 1959, privatised in 1998 and is now a leading European battery producer. The company has production and recycling plants in three countries and exports worldwide.

Sign-up to our FREE weekly industry newsletter, to get the weeks news delivered to your inbox every Monday.

Monbat drops plans to acquire control of Assad

Mon, 10/22/2018 - 00:00 -- John Shepherd

Bulgarian lead-acid battery manufacturer Monbat has dropped plans to buy a majority stake in Tunisian lead firm Assad.

The decision to scrap the deal, announced last year, came amid reports of an alleged pending legal case concerning the land on which Assad built its production plant— and concern that Monbat would be unable to retain control of an Assad subsidiary in Algeria because of proceedings in that country.

Monbat declined to comment in detail, but a spokesperson said: “In the course of the final stage of the due diligence of L’accumulateur Tunisiene Assad, there were subsequent matters disclosed which are challenging the originally expected value creation and are increasing Monbat’s level of enterprise risk.”

Sign-up to our FREE weekly industry newsletter, to get the weeks news delivered to your inbox every Monday.
Subscribe to Tunisia