Troubled Italian food group Parmalat has said it has sold its 65.74% stake in Parmalat Dominicana to Dominican Republic company PAR and other buyers for €6.6m (US$8.2m).

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The buyers also agreed to repay US$930,794 in debt that Parmalat Dominicana owes to other Parmalat group companies, reported Agence France Presse.


Parmalat Dominicana also signed a licensing agreement to enable it to use the Parmalat brand names.


Parmalat was declared insolvent late last year after revealing a multi-million-euro hole in its accounts.

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