July 19 (Reuters) – British exhibition group Hyve ( HYVE.L ) said on Tuesday it was selling its Ukrainian unit to a group led by Anatoly Sushon, managing director of the Ukrainian business, as events in the country continued to be delayed in following the Russian invasion.
The decision comes more than three months after Hyve said it would sell its Russian business, citing warnings from customers that they would boycott its Western events if it continued to operate in the country. read more
While many British companies have left Russia and suspended operations in Ukraine, Hyve is among the first London-listed companies to announce its exit from war-torn Ukraine.
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“Both parties believe that by transferring ownership to the experienced and dedicated local management team, the business will have the agility to recover for the future,” said Hyve CEO Mark Shashoua. See the article : How to Manage Your Business Exit.
Hyve said it would receive up to 3 million pounds ($3.59 million) from the sale, which will be paid annually until September 2027 based on the profitability of the Ukrainian operations.
Shares in the group were down 1.7% at 63 pence by 0800 GMT.
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Reporting by Muhammed Husain in Bengaluru; edited by Utaresh. On the same subject : What you need to know about business-related travel deductions.V
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