(Alliance News) - The board of directors of Maire Tecnimont Spa on Thursday approved the contribution of the entire stake of KT TECH Spa, a company established following the recent demerger of KT Kinetics Technology Spa, operating in the Integrated E&C Solutions BU, to its subsidiary NextChem Spa.

KT TECH was assigned, effective July 1, the business unit known as "know-how and technology," including personnel, expertise and contracts

related to technologies mainly for hydrogen and methanol production and sulfur recovery.

KT TECH's activities include feasibility studies, technology licensing, process design package, PreFront End Engineering Design, supply of proprietary equipment and critical materials, including high-temperature furnaces.

As the company explains in a note, the contribution of KT TECH to NextChem is in continuity with the group's industrial reorganization project approved by Maire Tecnimont's board of directors on March 1, 2023, and consistent with the group's 2024-2033 strategic plan approved on March 5.

To service the contribution, a paid and inseparable capital increase of NextChem will be approved for a total of EUR197.3 million with the exclusion of pre-emptive rights and reserved for the shareholder Maire, as a result of which Maire will hold an 82.13 percent stake in NextChem's share capital.

Maire Tecnimont is up 0.2 percent to EUR7.56 per share.

By Claudia Cavaliere, Alliance News reporter

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