(Alliance News) - Giglio Group Spa announced Wednesday that on Oct. 31 the entire share capital of its wholly owned subsidiary, IBox SA, a Swiss-registered company, was sold to FuTureScape Sagl, also incorporated under Swiss law.

The transaction involves the sale of shares with a total value of nearly EUR5.9 million.

Subsequent to the share transfer, Giglio Group purchased a number of e-commerce-related assets currently recorded on the balance sheet of Ibox SA, including contracts, assets, cash and cash equivalents, and the Nimbus software, for a total equivalent value.

This transaction will not result in overall cash movements.

IBox SA, headquartered in Lugano, is a company in the e-commerce service provider sector with a focus on the fashion industry, as well as in the production and distribution of films, TV series and documentaries distributed in cinemas, on television and on OTT platforms.

"This transaction," the statement reads, "is strategic for the rationalization of corporate costs through the reduction of resources allocated to a foreign company that is no longer essential to Giglio Group's operations. This will result in significant savings, both in terms of personnel costs, facilities, offices, and corporate expenses related to international operations."

"This industrial strategy," the note continues, "is an integral part of a long-term plan to reorganize the group, which aims to consolidate the activities of the Italian companies and divest those of the foreign companies, with the goal of concentrating Giglio Group as a single, 100 percent operating entity in order to maximize resource optimization and improve overall business efficiency.

Alessandro Giglio, chairman and chief executive officer of Giglio Group, said, "This sale is part of the framework of Giglio Group's strategic restructuring plan, which includes the divestment of its foreign holdings in order to concentrate its core operations as a parent company."

"This process," Giglio concludes, "will be completed through the merger of Ecommerce outsourcing Srl and, in addition to further strengthening the operating position of the parent company, will generate considerable financial savings that will be reinvested in new initiatives, in the expansion of those already underway and in the reduction of debt.

Giglio Group's stock on Wednesday closed in the green by 0.7 percent at EUR0.45 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.