(Alliance News) - The board of directors of Landi Renzo Spa on Wednesday approved the financial optimization project aimed at stabilizing the company's capital structure and ensuring the company has the necessary resources to implement its new five-year business plan.

In detail, the approved maneuver is structured along three lines: a EUR20 million share capital increase reserved for Invitalia, the national development agency, which will see the entry into Landi Renzo's shareholding of the Fondo salvaguardia imprese, promoted by the Ministry of Enterprise and Made in Italy, and managed by Invitalia itself; a capital increase under option for a maximum total of EUR25 million guaranteed up to EUR20 million by majority shareholder GBD Green by Definition Spa; and a reshaping of the repayment profile of the company's existing medium- to long-term financial debt to its lending banks.

The board of directors approved the financial maneuver, mandating the chairman and chief executive officer, severally, to sign the relevant documents in the context of the reshaping of the agreements with the banking class and to do whatever is necessary to implement it, the company explained in a note.

On Wednesday, Landi Renzo closed 0.9 percent in the red at EUR0.27 per share.

By Claudia Cavaliere, Alliance News reporter

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