The board of textile firm Himatsingka Seide today approved disinvestment of 100 per cent in its arm Giuseppe Bellora Srl and its sale to Himatsingka Europe at a fair market value.
The move is part of the company's strategy to have London as headquarters for its European operations.
Himatsingka Seide had incorporated a wholly-owned subsidiary in Europe last month, aiming to strengthen its distribution network in the continent.
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In a regulatory filing, it said the board of directors "approved to disinvest 100 per cent holding in its subsidiary company Giuseppe Bellora Srl and sell the same to Himatsingka Europe Ltd (wholly owned subsidiary) at fair market value".
Post disinvestment, Giuseppe Bellora Srl will consequentially become a wholly-owned step-down subsidiary under the existing wholly-owned subsidiary of Himatsingka Europe.
The board also approved the closure of the step-down subsidiary Himatsingka Singapore Pte.
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