GÖTEBORG, Sweden--()--Regulatory News:
In accordance with Geveko’s (STO:GVKOB) strategy to concentrate the company to its core business and enhance liquidity, the company has sold 20% of the shares in the jointly-owned Hungarian subsidiary Magyar Plastiroute Kft.
Magyar Plastiroute provides contract road-marking services and winter road maintenance on motorways and the public highways in Hungary. The business also includes products within the traffic engineering segment.
The shares were acquired by a private Hungarian company. The purchase price amounts to SKr 10 million.
With the sale of the shares in Magyar Plastiroute and other liquidity improvement measures in combination with seasonal loans from major banks Geveko now judge the need of seasonal liquidity as satisfied.
After the sale of shares Geveko’s shareholding amounts to 44%. Magyar Plastiroute Kft will thus be accounted for as an associate company which will result in Group accounting loss of approximately SKr 10 million.
Göteborg, Sweden June 8, 2012
AB GEVEKO (plc)
CEO and Managing Director
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