MonBat, the Bulgarian car battery manufacturer, announced its intention to buy a majority stake in Tunisian lead storage battery manufacturer Assad on August 17.
The final decision for the acquisition of the stake in Assad is expected by the end of November after due diligence has been carried out, MonBat said.
Assad specializes in manufacturing, distributing and recycling lead storage batteries and has two production factories in Tunisia.
MonBat operates four plants, which manufacture and recycle lead-acid batteries.
The news comes a week after MonBat appointed Peter Bozadjiev as its new executive director. He was previously its chief financial director. Viktor Spiriev becomes CFO of MonBat Group. Both had previously worked together for PricewaterhouseCoopers, the international accountancy and advisory firm.
Bozadjiev was also appointed general manager of Monbat Holding, the company that will deal with the two recent acquisitions of lithium-ion battery manufacturers Gaia Akkumulatorenweke and EAS Germany.
MonBat is a subsidiary of Prista Oil Holding, a Bulgarian producer and trader of motor and industrial oils, greases and special fluids.