“TTS (TRANSPORT TRADE SERVICES) S.A. (“TTS” or “the Company”) informs that on April 04, 2023 the forms regarding the Notification of the economic concentration to be carried out as a result of the acquisition by TTS of the control were submitted to the Competition Council, respectively to the Commission for the Examination of Foreign Direct Investments unique (“Notification”) on DECIROM S.A. Constanta (“Target Company” or “DECIROM”), transaction announced through the TTS Current Report of 17.02.2023 through which the conclusion of a preliminary transaction agreement for the acquisition by TTS of 99.9% of the share capital of a port operator was made public for EUR21.8 million (the “Transaction”),” the report reads.
According to the report, the transaction will be subject to the approval of the Extraordinary General Shareholders Meeting of TTS which will take place on a date subsequent to the issuance by the Competition Council of a no-objection decision regarding the economic concentration operation achieved by acquiring sole control of DECIROM by TTS.
“DECIROM is a port operator for solid bulk cargo, including general cargo, active in the port of Constanta. DECIROM uses strategically positioned port land and has operational capabilities complementary to TTS group (including operational berths, storage platforms, covered warehouses, quay cranes, railway lines) that enable the scaling of the business of TTS and its subsidiaries. From an operational point of view, DECIROM is to be integrated into the Port Operation Segment of TTS group alongside TTS Operator S.R.L., Canopus Star S.R.L., TTS Porturi Fluviale S.R.L. and Port of Fajsz Kft., contributing to the expansion of capacity and diversification of services provided by the group,” the report also shows.
Decirom had a turnover of EUR5.4 million in 2021 and a profit of EUR407,000.