LHV finalized the sale transaction of UAB "Mokilizingas"
The transaction between AS LHV Group and Inbank AS, according to which LHV sold its share in the Lithuanian consumer finance services provider UAB "Mokilizingas", was completed today. The transfer of the company shares and settlement of the acquisition price were finalized.
AS LHV Group owned 50%+1 share of UAB "Mokilizingas", the value of the shares held by LHV amounted to EUR 7.5 million. The sales transaction earned LHV Group an extraordinary profit of EUR 3 million. Considering the need for adjustment of costs and income influenced by the transaction, LHV Group disclosed on 17 May the renewed financial plan for 2018, that has taken into account the effect of the transaction.
The share purchase agreement was signed on 20 April 2018. The transaction can not be considered a transaction between related persons.
During a period of 12 months, AS LHV Pank will continue providing credit to UAB "Mokilizingas" and also will ensure the functioning of UAB "Mokilizingas" credit cards until the end of 2019 based on the current conditions. Otherwise, the contractual obligations correspond to the usual conditions regarding similar transactions.
Mokilizingas is a leading consumer finance services provider in Lithuania with the second largest market share of 40% in the hire-purchase segment. The company has in Lithuania over 2000 partners, approximately 250 thousand customers and over 100 thousand active contracts. In addition to Lihthuania, Mokilizingas also services strategic partners in Latvia.
Phone: +372 502 0786