YALCO - CONSTANTINOU S.A., consistent towards the implementation of its restructuring program which aims at the improvement of the groups financials, reached an agreement for the sale of its participation in Hungary (YALCO HUNGARY KFT) to a Hungarian entrepreneur.
YALCOs participation in this subsidiary stood at 97.53% of company capital and voting rights.
The transaction is expected to improve the groups operating profitability relative to 2009 by approximately Euro 500,000, while it will give the opportunity to the parent company to re-distribute its resources to more efficient activities.
YALCO management will continue, both at parent and at consolidated level, the implementation of actions to cope with the difficult macroeconomic circumstance and to ensure the continuous improvement of its financials.
31 March 2010