September 2 (SeeNews) - Slovenian logistics company Intereuropa said it has sold its wholly-owned subsidiary in Austria, Intereuropa Transport und Spedition GmbH, for an undisclosed sum.
No information was immediately available on the value of the transaction, performed on August 28, or the buyer.
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"The Austrian subsidiary was not complying with the operating guidelines of the Intereuropa Group, which reflected in non-achievement of business and financial goals, despite technical assistance on the part of Intereuropa to improve the performance, in particular to assure the connectivity with the business network of the Intereuropa Group," the Slovenian company said in a filing with the Ljubljana Stock Exchange (LJSE) on Tuesday.
Intereuropa Transport und Spedition GmbH, based in Lebring, near Graz, started operations on June 1, 2008. The company, which provided mostly services for partial and complete loading, posted a net loss of 189,000 euro last year.
"The Intereuropa Group will continue operating in land transport and intercontinental service segment on the Austrian market in cooperation with local partners," the statement said.
In addition to its home market, the group has operations in Croatia, Bosnia and Herzegovina, Macedonia, Serbia, Montenegro, Russia, France, Ukraine, Germany, Kosovo and Albania.
Intereuropa shares, part of LJSE's broader SBI20 index, were trading 0.65% down at an average price of 6.09 euro ($8.6) by 1109 GMT on Wednesday.