Fais Holdings S.A., trading as “Fais Group,” announces that, at the meetings held on May 25, 2026, of the boards of directors of its 75%-owned subsidiary “ELSOL S.A. Import and Trade of Sporting Goods” (hereinafter “ELSOL”) and its wholly-owned subsidiary, operating under the name “E-TENNIS MAROUSI Import and Trade of Sporting Goods Single-Member S.A.” (hereinafter “E-TENNIS”), the initiation of the merger process by absorption of E-TENNIS by ELSOL was approved, in accordance with the provisions of Laws 4601/2019, 4548/2018, and 5162/2024. Specifically, ELSOL, with GEMI number 120938601000 (the “Absorbing Company”), will absorb E-TENNIS, with GEMI number 139643801000 (the “Absorbed Company”).
The boards of directors of the above companies determined that the merger serves the interests of both, as it is expected to result in a reduction in operating expenses through economies of scale, as well as a simplification of the Group’s organizational structure.
On May 26, 2026, the following were registered in the General Commercial Registry (GEMI), with Registration Numbers 6063685 and 6063649 for the absorbing and the absorbed company, respectively: the Draft Merger Agreement of the above companies dated May 25, 2026, and the GEMI announcements numbered Ref. 4102844/May 26, 2026, and No. 4102860/May 26, 2026, respectively. The contracting companies agreed that the merger would be carried out based on the transformation financial statements dated April 30, 2026.