Aspo Plc
Press release
December 22, 2022 at 10:00 a.m.
Aspo’s subsidiary Telko to divest its Belarusian operations
Aspo Group’s subsidiary Telko has signed a binding framework agreement according to which it will sell the share capital of its Belarusian subsidiary FLLC Telko to a person belonging to the current management of the subsidiary at a nominal price. Rights to Telko's name and trademarks are not included in the sale.
The completion of the transaction requires an approval of the local authorities. Already in October, Telko announced that it had agreed on the sale of its Russian operations.
“In accordance with the decision made in the spring, we are exiting from selected eastern markets, and the sale of Telko's Belarusian business is another step towards our goal.
I am very satisfied that the buyer was found in the company's current management,” says Aspo’s CEO and Telko’s Chairman of the Board Rolf Jansson.
As a result of the divestment, Aspo estimates that it will recognize a total expense of approximately EUR 0.6 million in the fourth quarter of 2022, including write-down of the company’s net assets, an impairment loss on Telko’s goodwill, as well as the transaction costs. In addition, based on the current exchange rate of the Belarusian ruble, an amount of approximately EUR 1.0 million would be recognized as an expense due to translation differences, which does not reduce the equity of the Group.
The transaction has no impact on Aspo's previously indicated comparable operating profit level for the current year.
The presented figures are preliminary estimates, which are affected by changes in the exchange rates of the ruble and the euro, among other things. In Aspo's financial reporting, Telko's Belarusian business is classified as held for sale from the month of signing the binding framework agreement.
Aspo Plc
Rolf Jansson
CEO
Further information, please contact:
Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com
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Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 18 different countries, and it employs a total of approximately 900 professionals.