(Alliance News) - Riba Mundo Tecnologia SA has announced that its 50 percent subsidiary PB Online Srl has approved a EUR4.1 million capital increase and name change to ePRICE IT Srl.

The aucap will take place through the conversion of a shareholder loan into capital of EUR1.6 million, through a EUR2.1 million cash injection, and the remainder will be subscribed by Portobello Spa.

PB Online's capital - amounting to EUR9.4 million after the increase - will then be held 67 percent by Riba Mundo and 33 percent by Portobello.

Marco Dezi, president and CEO of Riba Mundo Tecnología, said, "We are very pleased with the transaction concluded today: it allows us to acquire a controlling stake in ePRICE IT and to bring our know-how and network of relationships to the launch of a new era of strategic development for the eCommerce portal."

"After a thorough and successful initial phase of learning about the features and potential of ePRICE, as well as the reorganization of the corporate and operational structure, we are now able to focus our efforts on sales increase initiatives with not only financial but also executive and strategic commitment. With the continued support of Director Vincenzo Zizza and his team, which has deep experience in the e-commerce industry, and with whom I have collaborated on training and business initiatives, the ultimate goal is to make ePRICE a benchmark in online shopping, generate profitability and value."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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