ELTREKKA organized on 24, 25 and 26/09/2019 technical seminars in Athens, Larissa and Thessaloniki titled Swag: Suspension Technology and Steering Systems. The seminars were attended by highly interested vehicle repairers who had the opportunity to develop a dialogue with Mr. Eugen Tataroiu (Technical Consultant Romania and Moldova Ferdinand Bilstein Romania), to discuss and solve questions.
We would like to advise you that our current 50%-50% shareholders Autohellas and Eltrak Group, who for the last 15 years (directly or through their subsidiaries) have had joint control of our company, have come to a new agreement.
The agreeement, the execution of which is subject to the approval of the Greek Competition Commision, provides that following a cash capital increase of 7M Euro, which will significantly boost our financial resources, and a subsequent transfer of shares, Autohellas will remain as the sole shareholder of our company.
Indeed, during the last two years Autohellas Group has further icnreased its acitivity in the automotive (cars brands and parts) distribution sector in Greece and also deepened its cooperation with Eltrekka (note: Autohellas financial Statements are available at www.autohellas.gr at the Investor Relations section).
The existing management team of Eltrekka will remain to continue to effectively manage our operations.
The execution of the envisaged transcation above is expected following the relevant approvals by the regulatory authorities within an estimated period of 30-45 days.
We are confident that with a reinforced capital base and increased potential synergies, our company's development will be further strengthened.