The Board of Directors of the parent company ELVAL SA and subsidiary's ETEM SA decided on their meetings on May 30, 2011, the sale of ETEM's 22% stake in ELVAL COLOUR SA to ELVAL SA for €9,432,139.17 in cash. ELVAL SA, after the completion of the above purchase, will hold the 97.29% of the share capital of ELVAL COLOUR SA.