The Board of Directors of FANCO SA, in the meeting of 5th, March 2001, approved the transfer of the total percentage of 55% of its subsidiary commercial company FANTEX SA for the amount of 220 millions drs to the company GIAGITSIS SA.FANCO SA takes a percentage of 8,33% from GIAGITSIS SA for the amount of 261 millions drs.By this way FANTEX SA will be 100% subsidiary company of GIAGITSIS SA and FANCO SA succeeds in remaining active in the Greek market of fabrics through its participation in a target and quite profitable company.GIAGITSIS SA has already proceeded in the necessary actions to become member of the Athens Stock Exchange.FANCO SA will expect remarkable profits and Capital surplus values.The final agreement was signed between FANCO SA and GIAGITSIS SA representatives' yesterday evening.