Disposal
September 15 2003 - 1:24PM
UK Regulatory
RNS Number:7871P
Kingfisher PLC
15 September 2003
Monday 15 September 2003
Kingfisher sells non-core NOMI business in Poland for #7 Million
Kingfisher plc announced today that it is selling its non-core, small store
format Polish DIY businesses, NOMI, to a fund managed by Enterprise Investors, a
leading private equity fund manager in Central and Eastern Europe. Enterprise
Investors will pay a total consideration of PLN 45 million (c.#7m), net proceeds
will be used to reduce group debt. Completion is subject to Polish regulatory
and competition authority clearance, which is expected within two months.
NOMI operates 39 stores in Poland that generated a turnover of #76.4m in the
financial year ended 1 February 2003 and employs around 1,800 people. The value
of NOMI's net assets is #31.5m and the write-off on disposal is expected to be
#25m. The effect of this transaction is expected to be earnings neutral.
Kingfisher will continue to operate and expand its successful Castorama large
format stores, Poland's number one home improvement brand.
Commenting on the sale Gerry Murphy, Chief Executive Officer said "Consistent
with our stated intention to focus our international investment on our major
brands, the sale of NOMI allows us to concentrate our development in Poland on
our highly successful Castorama business".
ENQUIRIES
Ian Harding Director of Communications +44 (0) 20 7644 1029
Loraine Woodhouse Head of Investor Relations +44 (0) 20 7644 1032
Kingfisher plc www.kingfisher.com +44 (0) 20 7372 8008
This information is provided by RNS
The company news service from the London Stock Exchange
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