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

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WARSAW, OCTOBER 12, 2017 – 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.

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