Brief: Gr Sarantis SA Extends The Shareholding Agreement With The Estēe Lauder Companies Inc

GR. SARANTIS

30/07/2019 15:55

July 30 (Reuters) - Gr Sarantis SA  SRSr.AT :
    * EXTENDS THE SHAREHOLDING AGREEMENT WITH THE ESTĒE LAUDER
COMPANIES INC
    * ELCA IS OWNED BY SARANTIS WHICH HOLDS A 49% INTEREST IN
THE
JOINT VENTURE AND THE ESTÉE LAUDER COMPANIES INC. WHICH HOLDS
THE REMAINING 51% INTEREST
    * BASED ON NEW AGREEMENT, THE ESTÉE LAUDER COMPANIES INC
WILL HAVE
THE RIGHT TO INCREASE ITS INTEREST IN ELCA TO 100% BY PURCHASING
SHARES HELD BY SARANTIS GROUP, INCLUDING THE RIGHT TO INCREASE
ITS STAKE BASED ON THE FINANCIAL STATEMENTS OF ELCA AT JUNE 30,
2021, JUNE 30, 2024 AND JUNE 30, 2027 FOR THE 9%, 25% AND 15%
RESPECTIVELY
    * SARANTIS GROUP’S STRATEGY WITH RESPECT TO THE EXTENSION
WILL BE
BASED ON UTILIZING THE LIQUIDITY THAT WILL BE CREATED DURING THE
PERIOD 2021-2027, IN ORDER TO FURTHER SUPPORT THE GROUP’S
INVESTMENT PLAN AND ABSORBING NEW DISTRIBUTION AGREEMENTS
    * THE  AFOREMENTIONED STRATEGY IS EXPECTED TO COMPENSATE BY
AT
LEAST 130% THE POTENTIAL LOSS FROM JOINT VENTURE'S PROFITABILITY

Source text : https://bit.ly/333CMyW
Further company coverage:  SRSr.AT 

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