Sale of final stake in Uniqa

RNS Number : 0333V

Equest Investments Balkans Ltd

02 July 2009

 



02 July 2009

EQUEST INVESTMENTS BALKANS LIMITED

('EIB' or the 'Company')

SALE OF REMAINING 16.52% STAKE IN UNIQA BULGARIA 

In line with EIB's non core asset disposal program, EIB today announces that it has entered into an agreement for the sale of all its remaining 16.52% stake in Uniqa Bulgaria AD ('Uniqa Bulgaria') to Uniqa International Beteiligungs-Verwaltungs GmbH ('Uniqa International') for Euro 7.9 million in cash. The transaction has been made within the framework of an existing agreement with Uniqa International, under which Uniqa International has agreed to acquire Uniqa Bulgaria from EIB over a period of years up to 2010. The proceeds will be used to help facilitate restructuring of certain debt facilities within the EIB group and to support the development of core EIB businesses. 

Uniqa International, a subsidiary of Uniqa Insurance, Austria's largest insurance company, obtained operational control of Uniqa Bulgaria in 2006 and has continued to acquire stakes in the company under pre-agreed arrangements. Upon completion of the transaction, Uniqa International will control 99.88% of Uniqa Bulgaria.

Uniqa Bulgaria, with life and non-life operations, is the seventh largest insurance company in Bulgaria. Set up as a private company in 1994, it has been built up to more than 100 branches across the country, and it is now ranked 3rd in life insurance and 11th in non-life insurance. 

Uniqa Bulgaria had gross written premiums of Euro 68.4 million and profit before taxation of Euro 3.0 million for the 12 months ended 31 December 2008. EIB's 37.72% holding in Uniqa Bulgaria was held in its balance sheet as at 30 June 2008 at a fair value of Euro 54.9 million. 

Commenting, Petri Karjalainen, Executive Director of the Company, said:

'We are pleased to have completed the sale of our remaining stake to Uniqa International. This sale reiterates our commitment to focus on active management and control of our core holdings, provides capital to assist with further debt repayment and helps improve liquidity for operations'.

-ENDS-

Enquiries:

Equest Investments Balkans Limited  Tel: + 44 20 7240 7600  Petri Karjalainen  Roger de Bazelaire Naomi Kora	Financial Dynamics  Tel: + 44 20 7831 3113  Nick Henderson  David Cranmer
Collins Stewart Europe Limited (Nomad) Tel: [phone] Hugh Field	KBC Peel Hunt Limited (Broker)  Tel: + 44 20 7418 8900  Capel Irwin

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