02 JANUARY 20134-Traders
S & B Industrial Minerals S.A. : Bauxite spin off to fully owned subsidiary
Edited by : AL CIRCLE
1 min read
The Board of Directors of S&B Industrial Minerals S.A. (S&B) and Greek Helicon Bauxites, 100% subsidiary of S&B, approved in their meetings held on 18/12/2012 and 28/12/2012, respectively, the spin-off of S&B's bauxite sector and its contribution to HB. The spin-off is an internal rearrangement to serve the rationalization of S&B's Group structure and will not have any impact on financial figures.
The date of transformation (of S&B's financial position) has been set at 31/12/2012 while the spin-off and contribution of S&B's bauxite sector will be realized in accordance with the provisions of L.2166/1993 and C.L.2190/1920.
Based on the latest fiscal data of 2011, sales revenue of the spin-off sector is less than 30% of S&B Group's total consolidated sales revenue, specifically 7.2%. Therefore, pursuant to the provisions of paragraph 4.1.3.12 of the rulebook of the Athens Exchange the issuance of an information memorandum is not required.
The date of transformation (of S&B's financial position) has been set at 31/12/2012 while the spin-off and contribution of S&B's bauxite sector will be realized in accordance with the provisions of L.2166/1993 and C.L.2190/1920.
Based on the latest fiscal data of 2011, sales revenue of the spin-off sector is less than 30% of S&B Group's total consolidated sales revenue, specifically 7.2%. Therefore, pursuant to the provisions of paragraph 4.1.3.12 of the rulebook of the Athens Exchange the issuance of an information memorandum is not required.
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