| News Kardan 16-06-2009 RESTRUCTURING OF KARDAN’S INSURANCE ACTVITIES COMPLETED
Amsterdam, 16 June 2009 – Following the press release dated 23 December 2008, Kardan, active in Real Estate, Financial Services and (Water) Infrastructure in emerging markets, announces the completion of the sale by its group company, TBIH Financial Services Group N.V. (TBIH), of its insurance activities in Bulgaria, Albania, Macedonia and Kosovo to Vienna Insurance Group (VIG), the majority shareholder (60%) of TBIH.
The transaction is completed following the receipt of the necessary regulatory approvals. Kardan is expected to recognize a gain in the amount of approximately EUR 10 million in the second quarter of 2009. The calculation of this gain is based on March 31, 2009 figures. With respect to the part of the transaction already completed in 2008, Kardan recognized a gain of EUR 9 m Download the complete file here back |
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