Trace Group Hold divests 63.25% of Trace Trans (NEUTRAL)

The company announced that it has sold 30.4k shares of its subsidiary Trace Trans to GCF Generale Costruzioni Ferroviarie S.p.A. – branch Bulgaria. The deal amounts to EUR 1.3k as per a market evaluation, made on August 31st. Please bear in mind that the subsidiary had no revenue for the past 2 years and during this period it had generated losses for BGN 165k. Apart from that since 2008 it was profitable only 2 years - 2015 and 2016. The generated profit from both years was BGN 2.8m, which was not enough to cover for the negative net income it had piled up (more than BGN 7.7m).