COR&FJA AG sells its equity stake in plenum AG

(PresseBox) ( Leinfelden-Echterdingen, )
COR&FJA AG has signed a contract with two private investors to sell its shareholding in plenum AG, Frankfurt am Main (Munich Stock Exchange m:access; ISIN DE000A0Z23Y9). The subject matter of the contract of sale comprises the 4,008,825 no par value shares in plenum, corresponding to a 41.33 per cent stake in that company's capital stock, which is held by COR&FJA AG.

Since the financial year 2013 expired, plenum and its subsidiaries have no longer been part of the COR&FJA AG consolidated group and consequently are no longer fully consolidated.

Since the beginning of the financial year 2014, COR&FJA's equity stake in plenum has been accounted for in the balance sheet using the equity method; for that reason, plenum's contribution to turnover and earnings is not included in COR&FJA's budget figures for 2014, which were published recently.

The sale of the equity stake in plenum will mark the successful completion of a significant part of COR&FJA's strategic reorientation. In the last financial year the company had already discontinued its own product development in the P&C segment and focused the Consulting segment on functionally-oriented consulting and on process support for customers.

In addition, a decision was made not to cultivate any further national markets, but rather to optimise the profitability of the business units on those markets that have already been opened up.

With COR&FJA also having successfully completed the sale of its former Banking segment this February, the company will now be concentrating its efforts in Europe on its core business in the field of developing and selling standard software solutions for life insurance companies. In the past, the company has achieved its greatest successes and generated a large part of its outstanding reputation with customers in this business segment.
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