ERJ staff report (DS)
London -- SSL International plc is to increase its stake in Beleggingsmaatschappij Lemore BV ("BLBV"), to 75 per cent. SSL has agreed a further option to take its shareholding in BLBV to 100 per cent which is exercisable in 2011.
Garry Watts, Chief Executive of SSL, said: "We have been delighted with our investment in BLBV; the underlying performance of the business since our partnership began has exceeded all our expectations. Together with BLBV's existing shareholders and management, we have made excellent progress in bringing our businesses together. We are very optimistic for BLBV's prospects and the potential for SSL's products within the CIS and Eastern Europe.
In February 2008 SSL agreed a 50-50 joint venture with Abraca B.V. -- BLBV's parent. At the time, the partners agreed future options for SSL to increase its stake. SSL has now exercised some of these options.
SSL said BLBV is experiencing strong growth in a challenging market environment with dollar reported revenues for the year 2009 expected to be up 50% since 2007 with an EBITDA in excess of $50 million for the year 2009. Financial and operating performance is significantly ahead of initial expectations.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Press release from source