(Alliance News) - Pasquarelli Auto Spa has announced that it has signed an agreement for the lease of a business unit of Autocori Srl, located in Giulianova, in the province of Teramo.

The property on which the company will carry out its activities with the opening of a new KIA Motors dealership, characterized by a covered commercial area of about 3,300 square meters with an adjoining land of an additional 2,000 square meters or so, is already equipped to carry out the business of selling and repairing cars.

The lease of the business unit will be effective as of July 2024 and have a term of 36 months.

As the company explains in a note, at the end there is an obligation to purchase the business unit on condition that Autocori's proposed arrangement with creditors, which is currently in progress, is approved by the Court of Teramo.

Marco Pasquarelli, managing director of Pasquarelli Auto, commented, "We continue with determination on our growth path as per our strategic plan. After the new brands that have entered our portfolio and the new locations in Pescara for SecondLife, the Rome office and the two locations in Pescara and Chieti, through the lease of the Giansante Auto Srl business unit, today we are integrating into our company a business unit that will allow us to be present with an office in a new province, with the aim of bringing our expertise and increasing development opportunities."

As the company explains in a note, all receivables, payables, contingent assets and liabilities, cash and guarantees, as well as the effects of any acts or facts referable to the activity exercised prior to the aforementioned effective date are excluded from the transaction, and will therefore remain with Autocori.

Pasquarelli Auto is flat at EUR0.81 per share.

By Claudia Cavaliere, Alliance News reporter

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