14th Sep 2018 08:25
LONDON (Alliance News) - Photo-Me International PLC said Friday it has sold its 50% stake in Paris-based biotechnology company Stilla Technologies SA for EUR5.0 million.
The operator of photo booths and other vending machines said it will record a profit of EUR3.5 million from the sale. The company initially acquired the stake for EUR1.5 million. It said all current accounts and loans between Photo-Me and Stilla, totalling EUR2.0 million, have been fully reimbursed.
Proceeds from the sale will be invested by Photo-Me in its core business to fund its growth strategy, which is focused on accelerating the rollout of its Laundry business, which provides unattended laundry services and launderettes.
Shares in Photo-Me International were trading 0.5% lower at 124.20 pence each.
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PHTM.L