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Lusa - Business News - Portugal: SAG shares down 16% on H1 losses of €10M




Lisboa, 14 ago (Lusa) – Shares in Portuguese car retailer and distributor SAG Gest – Soluções Automóveis Globais were trading down 15.82% at €0.13 on Tuesday morning, the day after the compay reported a first half loss of €10.1 million.
At the start of trading, the parent company of Portugal's Volkswagen importer, fell by up to 20% on the Lisbon bourse.
In a market statement on Monday the company said, “in the first half of 2018 liquidity risk continued to increase,, which controibuted to the decline in business of SAG Gest and, especially, of its subsidiary SIVA."
SAG GEST said negotiations continue, “with potential investors and other stakeholders in order to find solutions to ensure the sustainability of the main car retail and distribution activities.”
There is, “to date no decision or agreement, nor guarantee that the terms of any potential agreement will safeguard the continuity of the SAG Gest Group as it has operated so far, or a guarantee that such an agreement will exist in the future," it added.
on 27 July SAG GEST informed the market that despite, "exploratory talks with potential investors and other interested parties, no decision has been made," on a potential sale.
Commenting on an article in Jornal Económico about the possible sale of SAG, “in its entirety or partial, or just the sale of SIVA (Volkswagen importer), the listed company gave assurance that "no decisionhas been made, nor is there any guarantee that such a decision will be made."
SIVA is the Portuguese distributor for Volkswagen, Audi, Skoda, Lamborghini and Bentley.

PL/CA // CA
Lusa



Agency : LUSA

Date : 2018-08-15 11:20:17







 

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