Tablemac shareholders, at an extraordinary meeting in Medellin, Colombia, approved an increase in the firm’s capital through the issue of new common shares and agreed to waive their subscription rights in favour of Duratex.
Acquisition of the 25% capital share by the Brazilian board and bathroom fittings group involves an investment of around US$56m.
Following consolidation of the Duratex subscription, according to the deal, the Sao Paulo-based panel maker can buy between 10% and 12% more of Tablemac’s share capital. In addition, the deal allows for Duratex to acquire a further stake of up to 15% in Tablemac within two years. Ultimately, it could have a holding of about 46.4% of the company.
"The participation (of Duratex) in Tablemac, a company that has good governance and great potential for expansion, is aligned with our growth strategy, with the aim of increasing our market share of industrialised wood panels in Latin America," commented Duratex’s financial and investor relations director Flavio Donatelli.
