Seat PG: Is Products - a Buffetti Group Company - transferred to the dutch company Elerto B.V.

05/15/2003 - 00:00 PM

- + Text size
Print

SEAT PG GROUP’S INDEBTEDNESS REDUCED BY EURO 42 MILLION

Prospects of the net financial position of the company effecting the spinoff T.I. Media improved

Today, Seat Pagine Gialle reached an agreement with the Dutch company Elerto B.V. to transfer its stake in Is Products S.p.A. – a company operating in the office consumables sector - held through Gruppo Buffetti S.p.A. and its subsidiary OAP S.p.A..

This operation was carried out within the framework of the plan to transfer non-strategic assets, and brings about an improvement of the main profitability and operating efficiency indicators as well as a significant decrease in indebtedness. As a matter of fact, its impact is expected to improve financial position by approximately Euro 42 million - due in particular to the deconsolidation of net financial indebtedness of the transferred company – and to improve the prospects of the net financial position of Telecom Italia Media S.p.A., the company effecting the spinoff.

The effectiveness of this operation is conditioned upon prior communication by the company acquiring the stake Elerto B.V. to the Market and Competition Regulator.