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Kredyt Inkaso SAKredyt Inkaso debt collector sells 100 pct stake in subsidiary KI CRO
Listed debt collector Kredyt Inkaso has concluded an agreement to sell 100 percent of the share capital in its subsidiary KI CRO for EUR 90,000, thereby ending Kredyt Inkaso CG's operations on the Croatian market, the company said in a market filing.
As stated in the market filing, the termination of operations on the Croatian market will not significantly affect the legal and financial situation, as well as the business development prospects of the company and the whole group.
The sale agreement also concerns the company's receivables.
"The capital group decided to enter the Croatian market in 2015, then in 2017-2018 it acquired three debt portfolios on this market," Kredyt Inkaso wrote.
"The current decision to cease operations in Croatia is dictated by a low assessment of the potential of the local debt management market, exacerbated by unfavourable changes in Croatian legislation for the debt collection industry," it added.
As indicated in the market filing, the decision is also consistent with the strategic assumptions regarding the further development of the group, assuming concentration on the company's key markets: Polish, Romanian and Bulgarian.
The transaction will be effective after the registration data of KI CRO is amended by the competent court in Zagreb.
gaw/ ao/