(Alliance News) - Giglio Group Spa announced Thursday in the evening that, following the transfer of 100 percent of the shares in IBox SA, it has proceeded to acquire a set of e-commerce-related assets currently recorded in the balance sheet of the former subsidiary, for a total value equivalent to the amount of the sale, amounting to EUR5.9 million.

This transaction, therefore, will not result in any overall cash flow or financial and economic benefits, but is "strategic for the rationalization of corporate costs through the reduction of resources allocated to a foreign company that is no longer essential to Giglio Group's operations," the company specified in the note.

"This will result in significant savings, both in terms of personnel costs, facilities, offices, and corporate expenses related to international operations. This industrial strategy is an integral part of a long-term plan to reorganize the group, which aims to consolidate the activities of the Italian companies and divest those of the foreign companies, with the goal of concentrating Giglio Group as a single, 100 percent operating entity in order to maximize resource optimization and improve overall business efficiency," the statement further reads.

Giglio Group's stock on Thursday closed in the green by 17 percent at EUR0.53 per share.

By Chiara Bruschi, Alliance News reporter

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