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ots Ad hoc-Service: FORIS AG
FORIS prepares flotation of its subsidiary FORATIS AG.
Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement. -----------------------------------------------------
Berlin, Bonn, München, New York (ots Ad hoc-Service) - FORIS prepares flotation of its subsidiary FORATIS AG.
FORIS AG (Securities ID No. 577580) is to concentrate its inventory companies and inventory trademarks activities into an independent subsidiary company and is planning to float this stock corporation on the stock exchange in the first half of 2001. The new company is to trade under the name of FORATIS AG.
FORIS AG founds German limited companies (GmbHs) and stock corporations (Aktiengesellschaften) for the sole purpose of selling them on. The companies are available immediately and, apart from their foundation, no transactions have been carried out in their name. Every company is handed over with its full nominal or equity capital. At the end of the third quarter of this year. FORIS has already sold 320 companies - 142 of them Aktiengesellschaften - and achieved a turnover of DM 24.7 million from this business activity. The growth rate of the sales has been over 50% from one quarter to the next. The premium is 10% on the nominal capital, which also includes all notaries', certification and registration fees.
Over 60,000 companies are founded in Germany every year. It can take several weeks from the first visit to the notary to actual registration of the company and the process is time-consuming and costly. In addition, the management of the enterprise is personally liable for all transactions up to the date of registration. These are compelling reasons to purchase what is known as a inventory company.
Now that FORIS has perfected the logistics of serial foundation and sale, this service is to be extended and offered, not just to lawyers as is presently the case, but also to accountants and centres for setting up businesses. The sale of several thousand companies is planned for the coming year and activities are also to be internationalised. FORIS already sells inventory companies to customers in many countries, but in future it will also be able to acquire foreign companies. At the same time FORIS has begun trading in inventory trademarks. The enormous expansion of both sectors necessitates the separation of the activities into an independent company. Moreover, the goal of trading on the global market requires an independent means of raising capital, which is possible when several hundred companies are founded at a time. FORIS AG will continue to hold the majority of shares in its subsidiary company after the planned flotation. FORATIS AG will already be in the black by the time flotation takes place and this is the reason why the FORIS Board itself is convinced that the company represents an attractive investment.
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