Decotex Transfers Activity To Three Subsidiaries

At a general meeting scheduled December 18, shareholders in Decotex ^decot^  will vote a proposal for the establishments of three new companies, 100% controlled by Decotex.

If the proposal is approved, the Board of Directors will be authorized to take all necessary legal steps towards the establishment of the new companies, to make the evaluation of the non-cash contributions to their capital, and to register the three joint-stock companies.

This year the company purchased a land plot in the municipality of Sliven, that was intended as a site for the construction of a hospital complex. Decotex's plans are to build a residential complex of a closed type on the site. This is a new activity for the company, and that is why the management has decided to separate this activity (investment in real estate, construction etc.) in a newly set up subsidiary.

The core activity of the second subsidiary will be renting out of production, commercial and administrative buildings, investment in construction and sales of real estate properties. Decotex will transfer properties worth 6.900 mln leva to the capital of this subsidiary.

The company will set up the capital of the third subsidiary by transferring machines, equipment, transport vehicles and equipment, etc. Its core activity will be textile production, which is also the core activity of Decotex. The aim is to create a textile production company that will not be burdened by real estate ownership, and at the same time, will attract investments with long-term experience in the textile industry.

In case no quorum is present at the meeting, it will be adjourned to January 3. Shareholders, registered as such with Central Depository no later than 14 days prior to the GM (December 4) will be entitled to voting right.

So far today on the BSE there have been no transactions involving Decotex shares.

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