The Management of the Societe Anonyme “THRACE PLASTICS INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME” with the distinctive title “THRACE PLASTICS CO. S.A.” (henceforth “the Company”) informs the investors’ community that in the context of its strategic plan, the Company initiated the internal restructuring of the Group’s participations with the objective to ensure the smooth and most efficient management, the further enlargement of the production and product distribution network, and the most efficient servicing of these markets via the entire spectrum of products and services offered by the Group. It is noted that the activity of the Group will continue to be classified in two sectors, the Technical Fabrics Unit and the Packaging Unit.
In the context of the above internal restructuring of the Group following actions have been in place until today:
a) The fully owned (100%) by the Company subsidiary “Pareen LTD”, domiciled in Nicosia, Cyprus, was transferred to the fully owned subsidiary “Synthetic (Holdings) Ltd” which is based in the United Kingdom, via the issuance of new shares which the Company received in exchange for the above transaction.
b) The merger through absorption of the company “Thrace Linq Inc.”, which is based in Summerville, USA, and deals with the production and trade of technical fabrics, by the company “Delta Real Estate Investments LLC” which is also based in Summerville, USA, and possesses a property, part of which hosts the business activity of “Thrace Linq Inc”. Following the completion of the merger procedures absorption, the absorbing company “Delta Real Estate Investments LLC” was renamed into Thrace Linq Inc.
It is noted that the internal restructuring of the Group’s participations, as described above, is not expected to have any material impact on the financial figures (turnover, equity, financial position and results) of the Group.