Swiss jewellery maker Golay Buchel Holding AG on 27 September 2006 announced that it intends to sell its 50% stake in joint venture company Signity to its joint venture partner D. Swarovski & Co.
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Swiss jewellery maker Golay Buchel Holding AG on 27 September 2006 announced that it intends to sell its 50% stake in joint venture company Signity to its joint venture partner D. Swarovski & Co. Signity markets and distributes vehicle for both parties“ production of machine cut Cubic Zirconia, Synthetic Stones and Marcassites. “The influence of this sale on group earnings can at this stage not be determined with precision, as various parameters will only be known after accomplishment of the transaction,” Golay Buchel said. “Nevertheless, the board of directors of Golay Buchel expects the book profit not to be inferior to CHF 30 million,” the company added. “This transaction leads Golay to withdraw from the production and distribution of Cubic Zirconia, Synthetic stones and Marcassites, with a consequent reduction of personnel,” it added. The company said that there will be an extraordinary shareholders meeting on 31 October 2006 to vote on the planned transaction. Moreover, the company also expects to pay out a special dividend of CHF 8 million.