Business News


Svea to Get Turkish Majority Shareholder

Zagorje ob Savi, 04 March (STA) - Svea, a renowned maker of kitchens, will get a new majority owner after the shareholders endorsed on Monday a EUR 2.1m capital injection from Turkish Diga Companies Group.

After the transaction is completed, the Turkish company will hold 62% of the company. Its owner, Cagdas Celik, has been voted onto the supervisory board.

STA has learnt that the first instalment of the capital increase will be paid up next week and the second instalment in May.

Svea chief executive Sonja Klopčič told the business daily Finance last week that the new majority shareholder would not just bring fresh capital but also new business.

"We're counting on a significant increase in sales, as Diga Companies Group has a broad network on emerging markets, which have so far been out of reach for us," she said.

Svea ended 2011, the latest year for which data are available, with a net loss of EUR 2.5m on sales of EUR 12.5m.

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