Control Print acquires 75% stake in Markprint, Netherlands through wholly-owned arm; stock adds ~1%

6 Jul 2022 , 09:45 AM

Control Print Limited informed that it has incorporated a Special Purpose Vehicle (SPV) namely ‘Control Print BV’ in the Netherlands.

The Company, through its wholly-owned subsidiary, Control Print B.V., has entered into an agreement dated July 5, 2022, with MARKPRINT B.V. incorporated in the Netherlands and their shareholders.

The company has agreed to acquire a majority stake (75%) in the Equity Share capital of said MARKPRINT B.V. i.e., making an investment in the form of Purchase/Subscription of 7,50,000 Equity Shares of Euro 2.00 each of said MARKPRINT B.V., and thereby the said Company becomes the subsidiary of Control Print.

The approximate cost of acquisition is Rs12.20 crore.

Markprint B.V. is a technology company that develops, assembles, and sells High-Resolution printers with CMYK technology, as well as components, consumables, and services related to the coding and marking industry.

The proposed purchase/acquisition is a long-term strategic investment to gain access to their technology as well as access to the European market.

Control Print is currently trading at Rs433.45 up by Rs1.2 or 0.28% from its previous closing of Rs432.25 on the BSE. The scrip opened at Rs438.70 and touched intraday high and low of Rs438.70 and Rs431.95 respectively.