The Board of Directors of Hellenic Exchanges S.A., as part of the upgrade of its clearing services, and the harmonization of its operation with already established international practice, has decided to start the process of spinning off the clearing of transactions sector of the Company.
As part of this harmonization with international practice, the clearing, settlement and registration services will be offered through separate entities. The clearing of transactions will be spun off and transferred to the recently acquired legal entity "YPSIPILI S. A."
In order to achieve this aim, on Friday March 5th 2010 HELEX acquired 100% of the shares of the company "YPSIPILI S. A." for one hundred and thirty thousand euro (EUR130,000). The share capital of the acquired company is one hundred and twenty thousand euro (EUR120,000). The acquisition will be funded through the Company's equity.
The acquired company is a 100% subsidiary of the HELEX Group and will be renamed in accordance with the resolution of its General Meeting.