Completion of the process concerning the sale of the industrial property of the fully owned, by 100%, subsidiary Thrace Linq Inc.
The Management of Societe Anonyme under the name “THRACE PLASTICS HOLDING COMPANY COMMERCIAL SOCIETE ANONYME“
The Management of Societe Anonyme under the name “THRACE PLASTICS HOLDING COMPANY COMMERCIAL SOCIETE ANONYME“ with the distinctive title “THRACE PLASTICS CO S.A.” (called as “Company” hereafter) in application of the provisions of article 17 of Regulation No. 596/2014 of the European Parliament and of the Council as of April 16th, 2014, and following the relevant corporate announcements on 24.04.2020, 18.06.2020, 28.08.2020 and 17.06.2021, in relation to the transfer – due to the respective sale by its 100% subsidiary company Thrace Linq Inc.of the privately owned industrial property, which is located in South Carolina, U.S.A., after the final cessation of the production operation of the above subsidiary, informs the investor community about the following: After the collection of the entire remaining part of the total consideration amounting to USD 3.5 million (plus the interest due and related expenses), and the consequent abolition of any impediments associated with this particular repayment, the sale transaction with regard to the above property was completed and consequently the transfer of the property became certain and final.
It is reminded that the total consideration with regard to the above sale transaction amounted to USD 14.5 million, the greatest part of which (i.e. USD 11 million) had been collected at the time of the transfer agreement of the property (i.e. on June 15th, 2020).
It should be noted that as a result of the completion of the above sale transaction, the Group is expected to record an extraordinary profit in the year 2021, amounting to USD 7.78 million (i.e. approximately EUR 6.6 million).
The sale of the property of the fully owned by 100% subsidiary Thrace Linq Inc. is completing in the most beneficial way for the Group the action plan related to the production operations’ cessation of the specific subsidiary. At the same time, the Group continues to serve uninterruptedly the geotextile market in America from the Group's facilities in Europe and from Lumite Inc., a joint venture of the Group in the U.S.A., gradually strengthening its position in this market as well.