SigmaRoc acquisition boosts shares

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SigmaRoc acquisition boosts shares
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The share price of AIM-listed building material supplier SigmaRoc (LON:SRC) has climbed by 4.88% to 43p (as of 16.;00 BST) after it announced the acquisition of Belgian limestone and aggregate firm CDH Développement. The consideration for the deal is €45.1 million, of which €29.1 million is the initial consideration, and it will be funded by part of a new share issue.

CEO Max Vermorken commented: “This acquisition, which is consistent with our strategy of growth, provides us with an exciting opportunity to substantially strengthen our existing presence in Belgium, one of the highest infrastructure densities in the EU. Across the Group, I am extremely proud of what we have already achieved and excited about this next stage of our expansion. CDH is over 130 years old, has over 150 years of remaining reserves, is Europe’s largest Dimension Stone quarry and one of Belgium’s largest construction aggregate producers. This unique combination offers SigmaRoc significant potential in the Benelux market.”

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