Sanok Rubber has a conditional agreement to sell 79.71% of QMRP shares

Sanok Rubber Company has entered into a conditional agreement with Qingdao Zhangshi Shangija Technology for the sale and transfer of the share rights of all its 79.71% shares in QMRP's capital, Sanok Rubber Company reported.

"In view of the above, the company informs that as a result of the entry into force of the SPA agreement, i.e. after the fulfillment of the contractual conditions contained therein, it will be necessary to make write-offs of the assets held in the subsidiary QMRP, in particular to the part of the loans granted by the company with interest and trade receivables. The estimated value of impairment losses on these assets will have a negative impact on the company's standalone result in 2022 in the amount of approximately PLN 12.7 million, ”reads the release.

With regard to the consolidated financial statements of the Sanok Rubber Company capital group, the result of the transaction in question additionally necessitates a write-off in the amount of approximately PLN 2.1 million relating to the remaining part of the goodwill recognized as a result of the acquisition and final settlement of the acquisition of QMRP shares.

The above-mentioned operations are of a non-pecuniary and accounting nature and do not affect the liquidity position of the company and the capital group.

Sanok Rubber Company deals with the production of rubber, rubber-metal products and combinations of rubber with other plastics. The company is a producer of rubber compounds with a wide range of products for automotive, construction, agriculture, pharmacy and household appliances. It has been listed on the WSE since 1997. Its consolidated sales revenues reached PLN 1.17 billion in 2021.

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