Motesar Holdings, owned by companies from Luxembourg and Cyprus, acquired a stake of over 93% in the Romanian tissue paper maker MG Tec Industry by a RON 141 million (EUR 28 million) capital increase, according to Economica.net. The deal, except for the financial terms, was announced last October.

The company’s founder, Vasile Nicolae Hăşmăşan, thus became a minority partner, ceding control of the business he founded in Dej to Motesar Holdings.
MG Tec Industry owns a sanitary hygiene products factory in Dej. 

Soon after its founding in 2018, MG Tec developed a EUR 79 million investment partly financed (EUR 32 million) under a state grant. MG Tec Industry has recently invested EUR 100 million in production units, including one dedicated to personal hygiene products, according to Ziarul Financiar.

The capital increase was operated by swapping a EUR 9.5 million debt owed by MG Tec Industry to Motesar, plus a EUR 18.85 million cash contribution. Following these operations, the share capital of MG Tec Industry reached RON 150.7 million (EUR 30 million).

Motesar Holdings is owned by Sarmis Holding 4 SARL from Luxembourg and Lightspan Management Ltd from Cyprus, according to data from ONRC, consulted by Economica.net.

MG Tec Industry had a net turnover of RON 286 million in 2023, 27% higher than that achieved in 2022. The company recorded a net profit of RON 0.7 million in 2023, seven times lower than in 2022. The company was founded in Dej in 2018.

In November 2018, MG Tec Industry was approved to receive state aid worth approximately EUR 32 million. The total investment undertaken by the company in the context of the requested state aid amounts to EUR 79 million and involves the creation of 367 jobs, according to MFP data consulted by Economica.net.

In 2021, MG Tec Industry started the production of toilet paper, kitchen towels, and monorolls.

iulian@romania-insider.com

(Photo source: Marina Illarionova/Dreamstime.com)