April 12 (SeeNews) - Slovenian hand tools manufacturer Unior [LJE:UKIG] terminated the sale of its tourism unit Unitur due to the prolonged coronavirus crisis and the war in Ukraine, the company said.
Unitur decided to terminate the sale process due to the COVID-19 pandemic, which causes uncertainties in the tourism industry, and the new conditions in the tourism market caused by the war in Ukraine, Unior said in a filing with the Ljubljana Stock Exchange on Monday.
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The company may decide to relaunch the sale process in the future, when the uncertainties on the market will be resolved and it will be possible to predict and count on normal and stable operations, Unior said.
The hand tools manufacturer announced in December 2019 it plans to sell 100% of the capital of Unitur as a result of a December 2016 syndicated loan agreement signed with creditor banks, under which the company's non-core assets had been earmarked for sale.
The company first suspended the process for the sale of Unitur in April 2020 due to the coronavirus pandemic. In September, Unior said it plans to resume the process in January 2021, but then suspended the process again in February 2021. Back then, Unior said it plans to resume the sale process by the end of 2021.
Unitur was established in 2017 after a spin-off of Unior's tourism business into an independent entity. The subsidiary runs spa and hotel operator Terme Zrece and ski centre Rogla, both located in northeast Slovenia.