IC Group sells Saint Tropez to DK Company

IC Group has signed an agreement to sell Saint Tropez to DK Company A/S with an expected final closing date as at 31 January 2019. The company said in a statement that the group expects a positive, minor amount impact on cash flow from the sale while the accounting effect is expected to amount to a loss of 70 million Danish krone. Out of this amount, the company added, 55 million Danish krone will be recognized in the first half of 2018/19, while 15 million Danish krone is expected to be recognized in the third quarter of 2018/19.