Sygnity sells medical business to ABG Spin

opublikowano: 06-12-2007, 17:59

Warsaw (Puls Biznesu) – Sygnity sells its medical business to ABG Spin. Sygnity will get cash, ABG Spin will become the leader in  this sector.

Sygnity IT group sold yesterday part of its business connected with medical sector. ABG Spin is the acquirer. The agreement was signed at 3 a.m., just 15 hours after Sygnity management got approval for the transaction from its GSM. The company with financial difficulties will get net PLN 27m (EUR 7.5m). The transaction is part of a program aimed at securing Sygnity from losing liquidity. After nine months of the year, the company has PLN 107m of net loss and PLN 280m of debts in bonds and credits.

Sygnity is also going to sell its business connected with fuel stations, selling minority stakes in its three subsidiaries and other assets. These transactions should generate PLN 50-60m. Moreover, 2.1m shares will be issued.

(PLN 1 = EUR 0.279)

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