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(Sharecast News) - Construction materials group SigmaRoc announced on Tuesday that it will acquire the remaining 60% interest in GDH, a quarrying group located in south Wales, following the exercise of its exclusive option.
The AIM-traded firm said completion was expected on or around 21 September.
It said the consideration would be funded through internal resources, following "strong" cash generation in the first half of 2020.
The group said its objective not to incur further dilution for equity holders for the acquisition of the remaining 60% shareholding was thus achieved, making the transaction "significantly" earnings enhancing.
On taking full ownership of GDH, SigmaRoc said it expected to make further progress with the integration and further improvement of the business, in line with its objectives.
As GDH recorded a solid performance in each month of the year with a positive underlying EBITDA for the months of severe lockdown in Wales, the group said it was confident it could continue the success of GDH into the future.
"We are very happy to have been able to keep our promise to fund the entire acquisition of GDH from internal resources to the benefit of our shareholders," said chairman David Barrett.
"As we move forward we will, with the assistance of Ian Harries, continue the success he and his family built."
Max Vermorken, chief executive officer of SigmaRoc, added that over the past 18 months, the company had assisted GDH with its development as a minority shareholder.
"As we are moving into a new phase of the development of the business we look forward to continuing to work with Ian Harries and his team to build and strengthen GDH as a member of the SigmaRoc group."
At 1223 BST, shares in SigmaRoc were up 2.84% at 45.25p.
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