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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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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