Mermeren Kombinat AD, Prilep, on Wednesday said that the owners of StoneWorks Holdings Cooperatief UA -owner of an 88.4 pct equity stake in Mermeren- signed a agreement to sell Stoneworks to Pavlidis Marble-Granite SA for an undisclosed sum.

In an announcement to stock market authorities, Mermeren said the agreement needs approval by competition authorities in FYROM.

Nikos Dimarelis, managing director in Pavlidis Marble-Granite, said: "We are in a pleasant position to announce an agreement to buy Stoneworks, a majority shareholder in Mermeren. This transaction will create value and synergies for both companies, strengthening their positions in international markets".

Pericles Nikolaou, Mermeren CEO said: "We welcome this announcement for the combination of two leading companies in the sector of white marble. We will remain focused on our customers and dedicated to enhance our product and to offer high value".