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Gardénia to sell unit with property option

Textile company Gardénia Rt announced yesterday it has signed a contract to sell 100% of its trade subsidiary Dénia Kft for €480,000.

The buyer will also have an option to purchase some of Gardénia's properties in Győr, northwest Hungary. Gardénia will ask shareholders to approve the option contract at an annual general meeting to convene on April 27. If shareholders fail to approve the contract, the sale of Dénia will become null and void. Gardénia's announcement did not name the buyer but Ibolya Nagy, in charge of investments at the company, said it was a company owned by Hungarian Industries GmbH.