(Alliance News) - The board of directors of Promotica Spa has approved the completion of a transaction by its subsidiary company, Grani & Partners Spa, in which Promotica holds an 80 percent stake.

The transaction concerns Forma Italia Srl's intention to commission Grani & Partners to manufacture and subsequently supply some plastic products, consisting of toys, of a brand of which Forma Italia is the licensee.

As part of the deal, Forma Italia will be responsible, in particular, for conceiving and designing the products, taking advantage of Grani's production capacity, given the latter's know-how and high expertise in the kids promotion market. The products will be made in China, purchased by Grani & Partners and sold to Forma Italia with FOB Yantian yield.

Forma Italia has been identified as a related party because it is controlled by a person related to Promotica.

Diego Toscani, in fact, chief executive officer and chairman of Promotica and subsidiary Grani & Partners, holds a 74 percent interest in the company through Dieci.Sette Srl, and at the same time directly holds a 3.0 percent interest in Forma Italia. Through Holding Italiana Tradizioni Associate Srl, which it owns 100 percent, it also holds a 48 percent stake in Forma Italia.

Promotica is up 1.6 percent to EUR1.89 per share.

By Chiara Bruschi, Alliance News reporter

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