Current Report No. 61/2013
Date of the report: September 5th 2013
Abbreviated name of the Company: KRUK S.A.
Subject: Discontinuation of operations on the Hungarian market
Legal basis: Art. 56.5 of the Act on Public Offering – information update
Text of the report:
Further to Current Report No. 30/2012 of June 6th 2012 concerning the suspension of preparations to enter the Hungarian market, the Management Board of KRUK S.A. (the Company) hereby reports that on September 5th 2013, a KRUK S.A. resolution was adopted to discontinue operations on the Hungarian market and abandon the licence to purchase debts in Hungary that was granted to the Company by the Hungarian Financial Supervision Authority (PSZÁF).
The Management Board of the Company believe that the size of the Hungarian debt purchase market does not guarantee satisfactory development of the KRUK Group's business in Hungary. KRUK S.A. estimates the losses from discontinuation of its Hungarian subsidiary's operations to amount to PLN 0.7m.
Discontinuation of the preparations to enter the Hungarian market does not affect the KRUK Group's foreign markets development strategy.
For the Company:
Piotr Krupa – President of the Management Board
Michał Zasępa – Member of the Management Board