Sofia Commerce-Pawn Brokerage exiting N. Macedonia

The company has initiated the liquidation of its wholly-owned subsidiary Makkom Zalozi and will also liquidate its other unit in the Balkan country - Makkkom Cash, Sofia Commerce-Pawn Brokerage said in a bourse filing on Wednesday.

The decision was prompted by changes in the legislation regulating non-bank financial institutions in North Macedonia, which have resulted in increased regulatory requirements and operating costs.

After evaluating potential revenues against future costs, Sofia Commerce-Pawn Brokerage's management concluded that it is unprofitable to continue operations on the market.

The company remains committed to seeking new growth opportunities in other markets, it said.

As of 1403 CET on Thursday, shares in Sofia Commerce-Pawn Brokerage traded 0.56% higher at 3.56 levs ($1.97/1.82 euro) on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)