Siemens’ shareholding in Solutions and Infrastructure Services SIS has been sold to Midi for the price of €1, as part of a restructuring plan aimed at making it viable.

SIS was 50 per cent owned by Siemens and 50 per cent by Midi, and provides information and building technologies and car park management, primarily for Tigné Point.

However, SIS is projecting a loss of €600,000 for its financial year ended September 30, 2015.

The deal saw Siemens waive the sum of €350,000 due to it from SIS as a shareholders’ loan, and an informal capital contribution of €1.7 million was made by Siemens to SIS as part of a restructuring exercise.

Tigné Point requires an additional investment of €2 million in heating and cooling systems to cater for envisaged demand. Siemens was awarded the contract for the additional investment, towards which it received a credit of €1 million, a company announcement said.

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