Brief: NCAB Ends Its Business Engagement In Russia

NCAB AB (publ)

08/04/2022 13:07

April 8 (Reuters) - NCAB Group AB (publ)  NCAB.ST :
    * NCAB ENDS ITS BUSINESS ENGAGEMENT IN RUSSIA
    * NCAB HAS NOW DECIDED TO COMPLETELY CEASE ITS OPERATIONS IN
COUNTRY
    * NCAB DOES NOT CONSIDER THAT RUSSIAN SUBSIDIARY HAS ANY
VALUE IN
CURRENT SITUATION AND HAS DECIDED TO SELL IT TO LOCAL COMPANY
MANAGEMENT FOR 1 RUBLE
    * LIQUIDATION IS EXPECTED TO ENTAIL A WRITE-DOWN REQUIREMENT
OF
APPROXIMATELY SEK 40 MILLION FOR NCAB, WHICH WILL IMPACT RESULT
IN Q1 IN 2022
    * DECISION IS NOT EXPECTED TO HAVE A SIGNIFICANT IMPACT ON
CASH
FLOW
    * THEREAFTER, NO FURTHER OBLIGATIONS ARE EXPECTED TO REMAIN
FOR
NCAB IN RUSSIAN BUSINESS
    * IN FUTURE, SOLD COMPANY WILL NOT BE ABLE TO USE NCAB'S
BRAND,
NOR WILL IT BE ABLE TO ENJOY SUPPORT FROM NCAB'S FACTORY
MANAGEMENT TEAM IN CHINA OR ANY OTHER PARTS OF NCAB

Source text for Eikon:  ID:nMFN8R0YnP 
Further company coverage:  NCAB.ST 

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