Sava d.d. implements its restructuring strategy by selling the company Investicijsko Podjetje d.o.o.
On 22 June 2012 the conditions defined in the contract on disposal and transfer of business stakes of Investicijsko Podjetje d.o.o. (formely Sava IP d.o.o.) made between Sava d.d. and Zavarovalnica Triglav d.d. were entirely met. After the conditions defined for carrying out the transaction were fulfilled, Sava d.d. sold its 100% ownership stake of Investicijsko Podjetje d.o.o., while Zavarovalnica Triglav d.d. became the new owner of the former mainstay company of Sava's Real Estate division.
Sava d.d. received a consideration sum of €14.8 million, at which it preliminary transferred a part of the real property of Investicijsko Podjetje d.o.o. to a newly established company Sava Nepremičnine d.o.o. The key effect that a disposal of Investicijsko Podjetje d.o.o. will have on the operations of the Sava Group will show in deleveraging of the Sava Group, while the disposal of the company forms a part of the strategy of business-financial restructuring of Sava until 2014.
By selling Investicijsko Podjetje d.o.o., Ljubljana, the mainstay of the Real Estate division, Sava d.d. has implemented its strategy of business-financial restructuring of Sava until 2014, adopted last September, which involves disposal of investments as one of the measures for providing financial soundness.
The key effect that selling Investicijsko Podjetje d.o.o. will have on the operations of the Sava Group will show in deleveraging of the Sava Group on account of disposing Investicijsko Podjetje d.o.o., (thereby transferring its financial liabilities too), while the received consideration amount will enable Sava d.d. to repay its loans.
A disposal of Investicijsko Podjetje d.o.o., as a key operation of Sava's Real Estate, will have no significant impact on the business volume of the Sava Group in 2012, since owing to the limited funding sources it was not possible to start any new real property projects recently.
»Incorporating a strategic partner, who after buying Investicijsko Podjetje d.o.o. will be able to further expand its real property business, has represented one of the most desired scenarios ever since adopting the strategy of business-financial restructuring of Sava. By selling this company, Sava d.d. will partly repay its financial liabilities and reduce the level of Group's indebtedness, while Investicijsko Podjetje d.o.o. will be able to further develop within the real estate business run by the strategic partner;« said Franci Strajnar, MSc, Member of the Management Board of Sava d.d. on this occasion.