(Alliance News) - Ilpra Spa on Monday announced that it has finalized the purchase of 11,500 shares in Ilpra System UK Ltd, thus increasing, the relevant stake from 51.66 percent to 70.84 percent.

Ilpra System UK Ltd, founded in 1990 and headquartered in Swindon, reported 2023 sales of GBP8.67 million, Ebitda of GBP1.15 million and negative net financial debt - cash positive - of GBP2.72 million.

The British company holds the following stakes: 95% of Ilpra Hong Kong; 100% of Ilpra Middle East LLC, the latter in turn holds 100% of Ilpra Arabia.

In addition, a contract was signed concluding the agreement communicated on June 3, with the sale of the stake held by Brian O'Donoghue for 14,500 shares, equal to 24.17% of the share capital of Ilpra System UK Ltd, the current manager of the company who, due to age limit, will leave the leadership of the British company in favor of Mike Portera, but will continue in a commercial role within it.

The agreement provides for the transfer of shares as follows: 3,000 shares to Mike Santo Valentino Portera; 11,500 shares to Ilpra.

The consideration for Ilpra is GBP1.4 million, paid in cash.

Maurizio Bertocco, chairman and chief executive officer of Ilpra, commented, "The group has closed the agreement signed and communicated on June 3, finalizing the purchase of 11,500 shares in the subsidiary ILPRA System UK, from Brian O'Donughue, whom I thank for the excellent work he has done over the years and will continue to do only in the commercial sphere, and to congratulate Mike Portera, new partner and point person at Ilpra System UK Ltd, supported and assisted by Livio Liborio Portera."

Ilpra's stock is down 0.9 percent at EUR5.45 per share.

By Claudia Cavaliere, Alliance News reporter

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