By Joseph Mapother
June 18 (Bloomberg) -- Kromi Logistik AG, which manages tool supplies for car and plane makers, rose the most since its initial share sale in Frankfurt trading after saying U.S. investor Warren Buffett’s IMC Group will take a 9.1 percent stake.
Kromi shares gained 3.39 euros, or 56 percent, to 9.40 euros at 10:20 a.m. local time. That’s the biggest gain since shares were first sold to investors in March 2007. The increase raised the market value of the Hamburg-based company to 35.3 million euros ($49.2 million).
Kromi, in a statement yesterday evening, said it will issue 374,900 new shares to issue IMC at 10 euros each. IMC is a toolmaker and dispenser in which Buffett’s Berkshire Hathaway Inc. owns an 80 percent stake.
The share sale, part of a strategic alliance, will generate about 3.75 million euros to finance expansion, Kromi said. Kromi Logistik sells and installs custom-ordered automats that allow workers quick access to items they need to replace regularly.
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