Milan, Italy - 17 February 2020 - Today, TAS S.p.A. (“TAS”) carried out the transfer without capital increase into TAS International S.A. (formerly TAS Helvetia S.A.) - a company governed by Swiss law wholly owned by TAS - of all the shares held by TAS in the other foreign subsidiaries of the Group, i.e. TAS France S.A.S.U., TAS Germany GmbH, TAS Iberia S.L.U., TAS USA Inc., TAS Americas Ltda, TAS E.E. d.o.o.
The contribution value is equal to the value at which the participations concerned will be recorded in TAS's individual financial statements at 31 December 2019, and will be accounted for in TAS International S.A. under “ reserves from capital injection. '
“An idea of reorganization - comments President Pardi - that we have pursued for a long time and that we have realized at the right time, after having outlined an international structure that could finally focus on business according to common guidelines, to better consolidate and increase the work of recent years“.
In this way, the project to reorganize the Group's international business, announced by TAS on July 18, 2019, was finalised.