Asseco Poland SA said it will write down about USD2.9 million from its units in Russia, Lithuania, Kazakhstan, Georgia, and Nigeria.
Asseco Poland SA, is Poland’s largest IT company that recently sold its stake in Israel’s Formula Systems would have a positive impact on its January-September results.
Asseco sold a 20 percent stake in Formula for 365.6 million shekels ($105.04 million) in August.
“The estimated effect of the transaction …on the consolidated net profit will probably amount to 330-360 million zlotys ($92-100 million),” Asseco said in a statement.
Asseco Poland SA is the largest corporation in the technology sector quoted on the Warsaw Stock Exchange.
It was established in 1991 and provided computer software to the banking industry. The current corporation is the result of a merger between ASSET Soft AS and COMP Rzeszów SA.
It currently provides a variety of services to the banking and finance industries. Its headquarters are in Rzeszów, Poland.