Current Report No. 42/2014
Date of the report: August 19th 2014
Subject: Execution of the Articles of Association of KRUK Deutschland GmbH in Germany
Legal basis: Art. 56.1.1 of the Act on Public Offering – Inside information
Text of the report:
The Management Board of KRUK S.A. (“Issuer”) announces that the Articles of Association of KRUK Deutschland GmbH of Berlin (“Company”) were executed on August 19th 2014. The Company is a wholly-owned subsidiary of the Issuer, who holds 250 Company shares with a par value of EUR 1,000 per share and the total value of EUR 250,000, representing 100% of the Company's share capital and conferring the right to the same number of votes at its General Meeting.
The Company’s principal business activities consist in credit management services, collection of debt portfolios purchased by the KRUK Group in Germany and other European countries, as well as debt trading.
International expansion is one of the Issuer’s key strategic objectives for 2011−2014, as stated by the Issuer in the Prospectus approved by the Polish Financial Supervision Authority on April 6th 2011.
According to the Issuer's estimates, the German market is larger than Polish in terms of the value of debt portfolio investments. The Issuer believes that its presence on the new market offers an opportunity to increase its own debt portfolio investment, achieve asset diversification, and deliver consolidated revenue growth.