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Poland's Asseco says Israeli company stake sale to boost results
October 12, 2017 / 8:36 AM / 2 months ago

Poland's Asseco says Israeli company stake sale to boost results

WARSAW, Oct 12 (Reuters) - Asseco Poland SA, Poland’s largest IT company, said the sale of a stake in Israel’s Formula Systems would have a positive impact on its January-September results.

Asseco sold a 20 percent stake in Formula for 365.6 million shekels ($105.04 million) in August.

“The estimated effect of the transaction ...on the consolidated net profit will probably amount to 330-360 million zlotys ($92-100 million),” Asseco said in a statement.

Asseco said it would write down some 106 million zlotys related to its units in Russia, Lithuania, Kazakhstan, Georgia, and Nigeria, but still expected its January-September results to be better than the average from previous years.

($1 = 3.4806 shekels)

$1 = 3.6027 zlotys Reporting by Marcin Goclowski; editing by Agnieszka Barteczko and Jason Neely

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