December 3 (SeeNews) - Croatian textile company Tekstilpromet [ZSE:TKPR] said it has agreed the sale of its Bosnian unit Grateks.
The agreement for the sale of Tekstilpromet's 100% stake in Sarajevo-based Grateks was signed on November 28, the Croatian company said in a filing with the Zagreb Stock Exchange on Monday.
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Tekstilpromet provided neither the name of the buyer, nor the value of the transaction.
"Grateks have been posting negative business results for a long time now because of the worsened conditions on the retail market in Bosnia and Herzegovina where it sells its products," Tekstilpromet said, adding the sale of its wholly-owned Bosnian subsidiary will result in a 2.2 million kuna ($327,400/296,000) write-down.
Grateks is the official representative for Bosnia of a big number of famous clothing brands such as Mango, Okaidi, Gerry Weber, Camel Active and Galeb, according to data published on the Bosnian company's website. It owns 15 retail centres in several of Bosnia's largest cities, including Sarajevo, Mostar, Zenica, Tuzla and Banja Luka.
Tekstilpromet shares last traded on the Zagreb bourse on November 15, closing flat at 550 kuna.
(1 euro = 7.43871 kuna)