(Alliance News) - Monnalisa Spa announced Friday that its board of directors has approved the finalization of a related-party transaction with Jafin Srl involving the reduction of rents for two properties located in Milan and the termination by mutual consent of the lease agreement involving the property located in Arezzo.

The parties agreed to reduce the rent for property 1 and 2 in Milan from EUR140,000 per year each to EUR72,000 per year effective January 1, 2024.

Finally, the companies agreed to terminate by mutual consent the lease agreement covering the property in Arezzo.

Monnalisa's stock closed Friday 4.6 percent in the red at EUR1.45 per share.

By Chiara Bruschi, Alliance News reporter

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