Asseco sells part of its stake in Formula Systems

WSE-listed IT group Asseco sold 16 percent stake in Israeli Formula Systems to a group of local financial institutions for NIS 292.5 million, additionally, the company is in talks to sell further 4 percent stake. After the deal, Asseco has 30.33 percent stake in Formula Systems with no plans to further decrease it in the next two years. According to Asseco, the sale is a business diversification measure. “Taking advantage of the high price of shares as well as wishing to diversify our business, we decided to lower our engagement and take partial profit on the investment,” company’s spokeswoman Ewa Kryj said, adding that the sale will bring a 100 percent return on the 2010 investment.