iAlbatros Group to sell its subsidiary for PLN 140 million

iAlbatros Group, europe-wide online hotel booking services, announced in a statement to the Polish press on Tuesday morning that it will sell its subsidiary iAlbatros Poland for at least PLN 140 million. The agreement for the sale should be concluded by March 31, 2017, the statement said. The company intends to distribute the proceed from the transaction to shareholders through buy-back. iAlbatros now holds 12.1 percent of its own shares. The VP and CFO of the Group Paweł Tarnowski indicated that a previous buy-back, done in September of 2016, was successful in increasing available cash. “Construction of the purchase of own shares went well. Our [previous] call attracted great interest. Shareholders handed over a total of PLN 40 million. Such a process can be implemented relatively quickly and efficiently,” he said in the release. The company has been listed on the WSE since 2011.