Elica S.p.A. (BIT:ELC) signed an agreement to acquire an additional 30% stake in Zhejiang Elica Putian Electric CO.,LTD from Du Renyao for CNY 15 million on July 26, 2017. The transaction will be financed by utilizing available Company resources. Zhejiang Elica Putian Electric CO.,LTD had total assets of CNY 175.76 million, net assets of CNY 19.97 million, revenue of CNY 131.93 million, operating loss of CNY 22.8 million, negative EBITDA of CNY 8.9 million and net loss of CNY 37.5 million as on December 31, 2016. The transaction is subject to the issuance by the competent authority of the new business license. As of September 22, 2017, All required conditions are satisfied. The closing of the transaction is expected to take place within the 3rd quarter of 2017. Luca Sabelli and Raffaele Scarani of Studio Legale Sabelli acted as legal advisors to Elica S.p.A.