Shareholders authorized the company’s Board of Directors to look into partnership, franchising or M&A (mergers and acquisitions) opportunities, including to issue non-binding bids to potential partners in order to further develop and diversify the business activity of Mambricolaj and to expand its own store chain.
Shareholders also approved the repurchase by the company of a package of maximum 84,650 own shares representing maximumum 1% of the share capital, and an aggregate value of the program of up to RON465,575. The duration of the program is 18 months tops.
MAM Bricolaj has three stores in capital city Bucharest, which is a market with more than 20 stores that sell building materials and decorations. Do-it-yourself (DIY) retailer Dedeman is the leader of this sector with seven stores, being followed by Kingfisher, with six units under the Brico Depot brand. French DIY retailer Leroy Merlin has four stores and Germany’s DIY retailer Hornbach has three units.
MAM Bricolaj ended the first nine months of 2022 with a turnover of RON41.5 million, up 8.2% on the year, and a net profit of RON650,000, half the level reported in the same period of 2021.