April 24, 2018 / 10:07 AM / 3 months ago

BRIEF-Mangata Plans To Dispose Its 51% Stake In Techmadex

April 24 (Reuters) - MANGATA HOLDING SA (MANGATA), TECHMADEX:

* MANGATA PLANS TO SELL ITS WHOLE 51.02% STAKE OF TECHMADEX

* SEVERAL YEARS OF COOPERATION BETWEEN MANGATA AND TECHMADEX HAVE NOT BROUGHT ASSUMED RESULTS, NEITHER FINANCIAL ONES NOR SYNERGY EFFECTS WITHIN GROUP, THE COMPANY SAYS

* IT SAYS THAT BUSINESS ACTIVITIES AND DEVELOPMENT PLANS OF BOTH COMPANIES HEAD IN DIFFERENT DIRECTIONS, SO THIS INVESTMENT IS NOT JUSTIFIED ANY LONGER

* ON MONDAY MANGATA FILED PROPOSITIONS OF RESOLUTIONS THAT TECHMADEX BUYS BACK ITS OWN SHARES FROM MANGATA

* FIRST RESOLUTION PROPOSES THAT NO MORE THAN 303,165 OF TECHMADEX OWN SHARES WILL BE BOUGHT BACK IN ORDER TO OFFER THEM TO TECHMADEX EMPLOYEES

* SECOND RESOLUTION PROPOSES THAT NO MORE THAN 515,827 OF TECHMADEX SHARES WILL BE BOUGHT BACK BY TECHMADEX IN ORDER TO REDEEM THEM

* TECHMADEX SHAREHOLDERS TO VOTE ON THE PROPOSALS ON MAY 15 Source text for Eikon:, Further companies coverage:, (Gdynia Newsroom)

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