Stage Capital has signed a definitive agreement with Pavlidis S.A. Marble-Granite (“Pavlidis”) for the sale of its 100% interest in Stone Works Holdings Coöperatief U.A. (“Stoneworks”), the owner of 88.4% of the issued share capital of Mermeren Kombinat AD, Prilep (“Mermeren”) for a consideration of €73 million on a debt-free cash-free basis.

The completion of the transaction is conditional on obtaining necessary approvals from the FYROM Commission for Protection of Competition.

Nikos Dimarelis, General Manager of Pavlidis, made the following statement:

“We are pleased to announce the agreement to acquire Stoneworks, the majority owner of Mermeren. This transaction will add value and synergies to both companies strengthening their position in the international markets.”

Perikles Nicolaou, CEO of Mermeren, commented:

“We welcome this announcement for the combination of two market leaders in the white marble segment; we will remain focused on our customers and committed to strengthening our product offering and delivering superior value.”

Mermeren is a global leader in the extraction and processing of snow-white marble. BIANCO SIVEC® is the well-known registered trademark of the fine-grained white marble extracted from the quarries of the company.

Pavlidis is one of the main producers of white marble in the world market. With a number of quarries in Greece and neighboring countries, Pavlidis’ marble products are currently being exported in all five continents.