#china #trumph IDNFinancials.com - JAKARTA – Italian tire manufacturer, Pirelli, is set to approve a restructuring of its shareholding on Monday (April 28) today.

Italian local newspapers report that the change will end the control of Sinochem, the state-owned enterprise from China, within Pirelli.

The plan is a result of internal debates among Pirelli shareholders from China and Italy. The presence of Sinochem among the shareholders is said to hinder Pirelli's expansion into the United States (US) market.

Reports from the newspaper Il Messaggero indicate that Sinochem will still control 37% of Pirelli's shares. However, it will no longer be referred to as the controlling entity for regulatory reasons.

Both Pirelli and Sinochem have not yet agreed to comment when confirmed by Reuters on Saturday (April 26) yesterday.

Earlier this week, Pirelli Management will hold a meeting for the financial report of the fiscal year 2024. This meeting was scheduled for late March but was postponed for a month due to tensions between investors from China and Italy. (KR)