SunVesta Inc. closed the sale of its Sunvesta Holding AG subsidiary to Aires International Investment Inc.

The real estate development and investment group said its shareholders approved the sale of Sunvesta Holding and the subsequent dissolution of SunVesta Inc. during a special meeting May 14.

Following the sale, Hans Rigendinger is SunVesta Inc. CEO and CFO, while Alex Rosenzweig is secretary. Both executives joined the company's board, along with Gabriel Margent.

Following the transaction, Humberto Pacheco-Alpízar and Max Rössler resigned as directors, while Andrea Beck resigned as secretary.