(Alliance News) - Generalfinance Spa announced on Wednesday the renewal of its factoring contract with Factorit Spa, a company specializing in liquidity support and cash flow management for companies, in the technical form of recourse and non-recourse factoring, with the possibility of making recessions of receivables up to the maximum amount of EUR80 million.

The transaction is part of Generalfinance's strategy of diversification of funding sources through agreements with solid counterparties, such as Factorit, a historical reality in the world of factoring and part of a solid banking group; the optimization of the cost of funding; and the increase of counterbalancing capacity, in order to support the expansion of the business in line with what is defined in the current industrial plan 2022-2024, also taking into account the favorable context for the company's anti-cyclical activity.

Generalfinance's stock is down 1.2 percent at EUR7.95 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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