New focus in the Ukraine
(Oslo, 16 September 2011) The minority shareholders in the Ukrainian subsidiary Miratech have exercised their put option in the amount of USD 7.1 million, with the result that EDB ErgoGroup ASA became the owner of 100% of the company's share capital. EDB ErgoGroup subsequently sold 100% of the share capital of Miratech as part of its program to refocus its investment in the Ukraine. These transactions have no profit and loss effect save for a goodwill write-down of NOK 26 million in line with the expected effect communicated in the company's stock exchange announcement of 13 July 2011. The transactions will have a net negative cash effect of USD 1.25 million.
Miratech's activities focus principally on the Ukrainian market. EDB ErgoGroup has stated that it does not have any ambitions in the local Ukrainian market, and for various reasons it would not be appropriate to merge Miratech and Infopulse, hence the sale of the company's shares in Miratech is a natural consequence.
EDB ErgoGroup announced in the second quarter of 2011 that the company had decided to increase its ownership interest in the Ukrainian company Infopulse from 60.1% to 100%, while at the same time agreeing contracts with key employees to retain their services. Infopulse has been an important sourcing partner since the former EDB first acquired its interest in 2007, and EDB ErgoGroup accordingly wishes to have a closer association with the company.
This information is subject to the disclosure requirements stipulated in §5-12 of the Norwegian Securities Trading Act.
Eli Giske, CFO, EDB ErgoGroup. Tel: +47 908 44 189
Geir Remman, SVP Corporate Communications, EDB ErgoGroup. Tel: + 47 970 55 017
About EDB ErgoGroup
EDB ErgoGroup ASA is one of the leading Nordic IT companies, with some 10,000 employees and annual turnover approaching NOK 13 billion. The company is listed on the Oslo Stock Exchange and operates from headquarters in Oslo with major activities in both the Norwegian and Swedish markets. In all, the company operates from 135 offices in 16 countries around the world.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.