(Alliance News) - Moncler Spa has announced that Double R Srl and Venezio Investments Pte Ltd have announced the withdrawal of Venezio from Double R in accordance with the provisions of the articles of association and the investment agreement.

Venezio holds a stake of approximately 16.843 percent in Double R, while Double R in turn holds approximately 23.721 percent of Moncler's share capital.

For the purpose of the withdrawal, Double R and Venezio will initiate and execute the relevant procedure under Double R's current articles of incorporation and the investment agreement, at the outcome of which Double R will assign to Venezio a number of ordinary Moncler shares. The exact number of shares will be announced at the conclusion of the procedure.

"Venezio's decision to convert its stake in Double R into Moncler shares is the natural evolution of this long-term partnership with Moncler. Venezio will become a direct shareholder of Moncler and is excited about the opportunities ahead," the company explained in a note.

On Friday, Moncler closed down 0.2 percent at EUR51.44 per share.

By Claudia Cavaliere, Alliance News reporter

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