Zavarovalnica Triglav dd : Subsidiary Sale in the Czech market
October 21, 2014 at 08:04 pm EDT
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In accordance with the Ljubljana Stock Exchange Rules and the applicable legislation, ZAVAROVALNICA TRIGLAV d.d., Ljubljana, hereby publishes the following notice:
Zavarovalnica Triglav d.d. hereby announces that Triglav INT d.d., the Company's subsidiary, concluded an agreement on sale with VIGO Finance a.s., Prague, part of VIGO Investments Group. In the agreement, both parties to the agreement defined the key elements and terms for the sale of the subsidiary Triglav pojišt'ovna a.s., Brno. The sale is expected to be completed by May 2015.
Since 2000, Triglav pojišt'ovna a.s., Brno, has been one of the current nine insurance or reinsurance subsidiaries of the Triglav Group. The said company's share in the capital and total assets of the Triglav Group amounts to less than 1.5%. Zavarovalnica Triglav d.d. estimates that the sale of the subsidiary will have no major impact on the operation and performance of the Group.
The decision on the sale of the subsidiary Triglav pojišt`ovna a.s., Brno, was adopted on the basis of a careful assessment of the significance of the Czech market for the Triglav Group and for the achievement of the Group's strategic objectives on that market, as defined in the Triglav Group Strategy for the 2013-2017 period. The strategic objectives clearly define the profitability targets and expected market shares, focus on the core insurance business, and require efficient management of all Triglav Group companies.
The Triglav Group plays the leading role in the Slovenian market and continues to strengthen its position in its key markets of South-East Europe. Zavarovalnica Triglav d.d. as the parent company of the Group intends to continue consequently to implement the activities for further optimisation of the Group's operations, to act towards greater homogeneity of the Group and to proactively strive for the increase of its value.
This information will be published on the website of Zavarovalnica Triglav d.d. at www.triglav.eu as of 20 October 2014 and will remain available on the Company's public website for a period of at least five years.
Zavarovalnica Triglav dd is Slovenian-based company principally engaged in the insurance and financial services. Zavarovalnica Triglav dd is the controlling company of the Triglav Group which offers insurance, asset management and banking services. Zavarovalnica Triglav dd, Zdrastvena zavarovalnica dd and Pozavarovalnica Triglav Re dd provide wealth, life, voluntary additional pension and health insurances. The insurance sector of the Company also operates in the Czech Republic, Croatia, Bosnia and Hercegovina, Montenegro, Serbia and Macedonia. Through Triglav DZU ddo, Triglav Nalozbe financna druzba dd and Triglav nepremicnine dd the Company provides investment fund management, real estate and banking services. As of June 22, 2012, the Company acquired a 100% stake in Investicijsko podjetje, Trgovanje z lastnimi nepremicninami doo from Sava dd.