Merger of Subsidiary Moda Lift

Under the provisions of article 2 par. 2 of decision 3/347/12.7.2005 of HRMC and the decision No.938/2105 of the Board of Directors of KLEEMANN HELLAS S.A. on March 19, 2015, the company announces its decision to proceed, as a sole shareholder, to a merger with its subsidiary company in Greece MODA LIFT SA, absorbing it in accordance with the provisions of the law 2190/1920. The subsidiary's object was the production and trading of special lifts for the Greek market. The sharp increase in the activity of the group in the international market, which accounts for around 90% of its total sales, in combination with the reduction in the construction activity in Greece, requires the Group to adapt its structure to the new situation. In this context, with the proposed merger, the resources of the acquired company will be used more effectively, creating synergies and further strengthening its production capacity.

The subsidiary's object was the production and trading of special lifts for the Greek market. The sharp increase in the activity of the group in the international market, which accounts for around 90% of its total sales, in combination with the reduction in the construction activity in Greece, requires the Group to adapt its structure to the new situation. In this context, with the proposed merger, the resources of the acquired company will be used more effectively, creating synergies and further strengthening its production capacity.