Sale of shares in AO Teplovodomer, a company seated in Russia
As a result of military actions of Russia against Ukraine, the Apator Group took the decision to stop the sales of its products to Russia and it conducted negotiations aiming at selling all shares it holds in Russian entity AO Teplovodomer.
Due to the above, the Management Board of Apator SA announces that on 20th May 2022 subsidiary Apator Powogaz SA sold the entire block of shares (that is 18.018 shares) of AO Teplovodomer with the registered office in Russia (being 50% of share capital) at the price of RUB 5 million, that is ca. EUR 75 000 (according to the Bank of Russia exchange rate on 19th May 2022) that is ca. PLN 348 000.
At 30th April 2022 the book value in financial statement of Apator Powogaz SA of sold shares was PLN 314 000, but valuation in consolidated statement of the Apator Group is PLN 717 000.
At the same time the Issuer announces that the company Apator Powogaz SA has the receivables in AO Teplovodomer due to trade liabilities, the status of which on the day of transfer of shares is PLN 3.2 million and the receivable due to dividend in amount of PLN 1 million. The Apator Group has the assurance of successive repayment of the above receivables.
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