Eastnine sells its stake in Komercijalna Banka Skopje
Eastnine AB (publ) has, as part of the company’s strategic focus on commercial real estate in the Baltic capitals, sold its entire holding of 10.0% in the Macedonian bank Komercijalna Banka AD Skopje in a stock exchange transaction at a price of MKD 3,750 per share. The total consideration amounts to approximately EUR 13.9m, which is EUR 3.6m or 34.9% above the fair value as of 31 Dec 2017. The sale gives Eastnine a total return on its investment of 26.4% and an IRR of 3.8% since February 2011.
“I would like to thank KBS Management for their efforts and contribution to improve and develop the bank during an eventful period, and to wish them all the best for the future”, says Kestutis Sasnauskas, CEO of Eastnine.
For further information contact:
Kestutis Sasnauskas, CEO, +46 8 505 97 700
Lena Krauss, CFO, +46 73 988 44 66
Eastnine AB (publ) is a Swedish investment company with a net asset value of EUR 242.5m. The company is currently transitioning into a focused real estate company, with the aim to generate predictable cash flows by being a long-term provider of sustainable prime office space in the Baltic capitals. Eastnine is listed on Nasdaq Stockholm, Mid Cap.
This information is information that Eastnine AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 13.40 p.m. CET on 21 March 2018.