(Alliance News) - BF Spa announced Thursday that it has sold shares held in Bonifiche Ferraresi Spa to long-term investors.

In detail, 0.55 percent of the subsidiary was sold to Fondazione Banca del Monte di Lombardia for EUR2.2 million, 3 percent to Compagnia Valdostana delle Acque for EUR12.0 million, and 5 percent to Eni Natural Energies Spa for EUR20.0 million, yielding a capital gain of about EUR11.4 million.

The disposals follow other similar transactions and were carried out in implementation of the plan to enhance the value of the subsidiary Bonifiche Ferraresi through the entry of one or more parties - provided BF retains control - into its share capital, "interested in sharing the development of the BF Group in the agritech & food sector and, more generally, in consolidating and strengthening the BF Group's network in the Italian agri-food chain, initiatives in which BF intends to invest the proceeds from such enhancement," the company explained.

BF's stock is up 1.6 percent to EUR3.82 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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