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The consortium for the sale of Abanka Vipa d.d. waives its intent to sell |
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In the meeting of the consortium held on 22 December 2011, the members of the consortium for a joint sale of the equity holding in Abanka Vipa d.d. became acquainted with the report by the common financial advisor - the international investment bank ING – about the results of the sale procedure in connection with the sale of the equity holding in the a.m. bank until that time, on the basis of which they made a decision about further activities of the consortium.
The consortium consists of Sava d.d. and another 9 companies, which in total hold a 50.1% equity holding in Abanka Vipa d.d. In October 2011, the insurance company Triglav d.d. joined the joint sale procedure for Abanka d.d., after which ING had a qualifying holding, i.e. 75.72%, in Abanka Vipa d.d. available, and that equalled the desired volume as previously expressed by certain potential investors.
ING has informed the consortium members that despite the interest demonstrated by certain potential investors, the sale procedure did not lead to receiving a binding offer. As stated by ING, the key reason for such a result lies in the current economic environment, the general crisis in the banking sector and a low interest of foreign companies for making investments in Slovenia, in particular.
Based on the report about the results of the present joint sale procedure and the assessment of the macro-economic environment in 2012, the consortium members thus made a decision to stop and finalise the joint sale procedure, the consortium being cancelled too. On the day of adopting this decision, i.e. 5 January 2012, the consortium for the joint sale of the equity shareholding in Abanka Vipa d.d. formed in December 2010 was dissolved.
In accordance with the adopted strategy Sava d.d. will continue the restructuring process of its investment portfolio, including the banking sector.
Significant changes in the data included in the Stock Exchange brochure are announced in the Ljubljana Stock Exchange electronic information system SEOnet on an on-going basis. The announcement can be accessed also on the official company website at www.sava.si as of the announcement date, i.e. 5 January 2012. The announcement will remain posted on the company website for at least 5 years.
Sava d.d.
Corporate Communications
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