Daio Paper changes transferee for Elleair Turkey, modifies articles

Daio Paper Corporation [TSE:3880] has announced a change in the transferee for its previously disclosed plan to transfer all issued shares of Elleair International Turkey Kişisel Bakım Ürünleri Üretim A.Ş. ("EITR"). Instead of Evyap Holding A.Ş. ("Evyap") directly, the shares will now be transferred to two of Evyap’s group companies: Evyap Hijyenik Ürünler Sanayi ve Ticaret A.Ş. (70% of EITR shares) and Evyap Sabun Yağ Gliserin Sanayi ve Ticaret A.Ş. (30% of EITR shares). Daio Paper states this change is due to Evyap’s consideration of its post-acquisition management structure.