In the context of the internal restructuring of Thrace Group’s participations and following the previous announcement made on 5/9/2017, the Management of the Societe Anonyme “THRACE PLASTICS INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME” with the distinctive title “THRACE PLASTICS CO. S.A.” informs the investors’ community that on 02/10/2017 the Boards of Directors of the Company and of its subsidiary company under the name “THRACE POLYFILMS INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME” (henceforth “Thrace Polyfilms”) approved the terms of the agreement with regard to the spinoff of the sector of production and trade of Industrial Packaging products (henceforth “the Sector”) from the Company and its contribution into the subsidiary “Thrace Polyfilms”. The spinoff and contribution of the sector will be implemented according to the clauses of Law 2166/1993, whereas the date of 30.06.2017 was set as the Transformation Balance Sheet date.
This internal restructuring aims at the organizational separation and the specialization of the Group into certain targeted business activities. More specifically the above actions of internal restructuring target the more effective and rational administrative operation of the broader Group, the clearer orientation of its investment policy, the more effective utilization of its production units and distribution network, and the strengthening of its flexibility as well as the Group’s broader efficiency.
It is noted that the turnover of the above allocated sector (spin-off) represents only 5% of the Company’s consolidated turnover during the fiscal year 2016 and that the Company will proceed with the release of a relevant information prospectus according to the clauses of paragraph 126.96.36.199 of the Regulation of the Athens Exchange.
Furthermore it is noted that according to the above and after the completion of the relevant procedure, the Company’s consolidated figures will not be affected as the particular corporate action does not comprise any sale of assets but only an internal restructuring of the Group.
The completion of the Sector’s spin-off is subject to the approval and acceptance by the General Shareholders’ Meetings of both the Company and the subsidiary “Thrace Polyfilms”, as well as the granting of all necessary permissions and approvals required by law.