Strategic partner took over shares of KUP

By taking over a parcel of shares representing 66% participation in the Commercial Credit Insurance Company EGAP (KUP) today, process was formally finalized of entry of consortium of the Belgian credit insurance company Ducroire - Delcredere SA. N.V. and the Italian credit insurance company SACE BT SpA into KÚP as a part-owner and strategic partner of the Export Guarantee and Insurance Company (EGAP), which receives for its shares a sum of CZK738.3 million.

The government of the Czech Republic agreed with the sale of a majority share of EGAP in KP on its meeting taking place on February 28, 2007 on the basis of a recommendation of an inter-ministerial selective commission consisting from representatives of interested ministries, Board of Directors and Supervisory Board of the company EGAP after evaluation of binding offers within the framework of public tender proceedings. The decisive criterion was the amount of the offered purchase price.

Vlastimil Nesrsta
Press Secretary of EGAP