In the press releases of 25 and 26 October 2012, Sava d.d. informs the shareholders and the public that the company management signed the contract on selling the Rubber Manufacturing division with the selected strategic partner, the Czech rubber manufacturing holding ČGS a.s., and the purchase money of €69.4 million will be transferred after the suspensory conditions defined in the contract are met.
With this press release we are informing the public that during this time the contractually stipulated conditions were fulfilled, and the total purchase money was transferred today, on 8 January 2013. With this act, Sava d.d. formally completed the procedure of selling Rubber Manufacturing whose development will as of now be facilitated by the new owner, ČGS.
The sale of Rubber Manufacturing is a part of the strategy for business-financial restructuring of the Sava Group until 2014, as adopted in September 2011. Together with other sales that took place after the beginning of the strategy implementation, this transaction will deleverage the Sava Group in the amount of €100 million, which is why it represents an important step towards making an agreement on restructuring Sava's liabilities with the banks.
In 2013, the remodelled Sava is continuing its restructuring process focusing on enhancing the value of investments in the banking sector and tourism, which along with an improved business performance will result in further reducing of financial liabilities and will strengthen the financial strength of the Group.