Masonglory Limited (Nasdaq: MSGY) has entered into a share swap agreement to acquire a 20 percent equity interest in Beta Beteiligungs und Besitz GmbH, an Austrian company specializing in the trading and distribution of construction materials across Continental Europe.
The agreement involves the transfer of 1,377,000 Class A ordinary shares of Masonglory, valued at US$3.40 per share, to the beneficial owner of the 49 percent equity interest in Beta Beteiligungs und Besitz GmbH.
The valuation of the Target was set at US$23.4 million, and the acquisition aligns with Masonglory's strategy to expand its geographic footprint and product portfolio in the construction materials sector.
This strategic move enhances Masonglory's presence in Europe, complementing its existing wet trades and construction materials services business.
The transaction will be conducted offshore and the shares issued will be classified as restricted securities under applicable securities laws.