A capital merger of two leading players on the Polish debt collection market
- BEST is due to acquire an interest of 29.4% of Kredyt Inkaso shares from Agio RB FIZ. It also intends to increase its shareholding to nearly 33%.
- It is an intention of BEST to build a strong group, the second biggest on the Polish debt collection market, taking advantage of the potential,
resources and experience of both companies.
BEST has entered into an agreement with the biggest shareholder of Kredyt Inkaso, i.e. Agio RB FIZ fund, as a result of which it will acquire an interest of 29.4% of Kredyt Inkaso shares from the fund for PLN 152 million. Previously, the company also entered into an agreement with Haitong Bank for fiduciary acquisition of an interest of several percent of Kredyt Inkaso shares on the Warsaw Stock Exchange. After both transactions have been finalised, BEST will have an approx. 33% share in the share capital and the total number of votes at the general meeting of Kredyt Inkaso.
"So far, Kredyt Inkaso has been one of our competitors. Today, we have taken the first important step towards merging the potentials of BEST and Kredyt Inkaso, the two leading companies in the debt collection sector in Poland. Our intention is to become a formidable player on the debt collection market in our region of Europe," said Krzysztof Borusowski, CEO of BEST.
"By acquiring nearly 33% of Kredyt Inkaso shares, we will become its biggest shareholder and we will have influence on the further growth of this Company. At the same time, our intention is to continue strengthening our capital and operational relations with Kredyt Inkaso. We hope that a vision of creating a strong player with Polish capital will meet with a favourable response from other shareholders and the Management Board of Kredyt Inkaso. The resources and business models of both companies complement each other perfectly. We have great appreciation for the achievements and experience of Kredyt Inkaso, including its position on the foreign markets. I am convinced that in the long run close cooperation will bring synergies in many areas. Our aim is to build a group that will take advantage of the potential, expertise and experience of both companies. Together we can create an entity whose value is considerably higher than the value of both companies operating separately and competing against each other," said Krzysztof Borusowski, CEO of BEST.
"We are yet to analyse and consult with interested parties how we will be increasing our shareholding in Kredyt Inkaso. Scenarios may be different, including an issue of new BEST shares dedicated to the remaining shareholders of Kredyt Inkaso. We are yet to make decisions on this matter," said the CEO of BEST.
In 2014, the BEST Group generated a net profit of PLN 58.9 million attributed to the Company's shareholders, with operating revenues of PLN 124 million. Meanwhile, Kredyt Inkaso group closed its last financial year with a net profit of PLN 40.3 million and revenues of PLN 100.6 million.
General information about BEST
BEST S.A. is a company listed on the Warsaw Stock Exchange since 1997. It specialises in the trade and management of unpaid debts. The BEST Group invests in debt portfolios (especially in bank debt portfolios) with the use of securitisation funds and provides debt collection services on commission – for banks, telecommunication operators, power companies and other mass service providers.
BEST is also a sole shareholder of BEST TFI, which manages investment funds with total assets of PLN 963 million (as of 30 June 2015). The combination of competences concerning debt collection and the establishment and management of investment funds has enabled the concentration of all elements of the business model into a single capital group.
The total nominal value of own debt and debt of other entities managed by BEST is approx. PLN 9.8 billion (as of 30 June 2015).
In 2014, the BEST Group generated a net profit of PLN 58.9 million attributed to the Company's shareholders, with operating revenues of PLN 124 million.
For further information visit www.best.com.pl or contact:
tel. 22 826 74 18 / mobile 516 173 691
tel. 22 826 74 18 / mobile 514 985 845