VA Tech Wabag Ltd approves sale of Wabag Water Services S.R.L. Romania

As part of the business strategy to optimize the Group's structure and in line with our strategic focus to reduce our exposure to European Geographies, the Board of Directors ("Board") of VA Tech Wabag Limited ("the Company") at their meeting held today i.e., Monday, July 08, 2024, have approved the sale of 100% stake in Wabag Water Services S.R.L., Romania ("Wabag Romania") for a consideration of EUR 1,200,000 (One Million and Two Hundred Thousand Euros).

Wabag Romania, a company limited by shares existing under the laws of Romania having its registered office at Dimitrie Pompeiu Blv, Nr. 6E, Etaj 13, Sector 2, 020337 Bucuresti, Romania is wholly-owned Subsidiary of VA Tech Wabag GmbH, Austria ("Wabag Austria"), step down Subsidiary of the Company.

The share transfer process and other related formalities between Wabag Austria ("the Seller") and Circular Waters Solutions S.R.L., Romania ("the Buyer") will be completed upon receipt of necessary approvals as per the applicable laws and upon satisfaction of Conditions Precedents, as per the agreement.

Shares of VA Tech Wabag Limited was last trading in BSE at Rs. 1313.85 as compared to the previous close of Rs. 1316.35. The total number of shares traded during the day was 64088 in over 4712 trades.

The stock hit an intraday high of Rs. 1334.00 and intraday low of 1276.35. The net turnover during the day was Rs. 83742792.00.

Source : Equity Bulls

Keywords

VATechWabag INE956G01038 Sale WabagWaterServices Romania