The firm will pay in 2015 for control of the engineering company today.
Baran Group (TASE: BRAN; Pink Sheets:BRANF) today initialed a share-swap agreement to acquire the 50% stake owned by Alexander Nesis in a Russian engineering company. Baran already owns the other half of the company, and the deal will give it full control. Baran will allocate its shares for the Russian company in 2015.
The agreement also stipulates that Baran will eligible for all of the Russian company's profits beginning on January 1, 2008.
Baran controlling shareholder and chairman Meir Dor also initialed an agreement with Garapa, a Dutch registered company controlled by Nesis, which owns 18.8% of Baran, giving Dor the exclusive right to appoint most of Baran's directors.
Published by Globes [online], Israel business news - www.globes-online.com - on April 16, 2008
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