IFC not to finance Triglav after all

Slovenian insurer Zavarovalnica Triglav said on Tuesday it cancelled all contracts it had signed with the International Finance Corporation (IFC) due to the IFC’s failure to subscribe and pay in the shares of Triglav INT within the agreed deadline, SeeNews has reported.

Zavarovalnica Triglav has sent a draft termination agreement in order to cancel all the contracts entered into between itself and IFC, it said in a bourse filing.

Zavarovalnica Triglav, Triglav INT and the IFC signed on March 30, 2012 a subscription agreement, under which the IFC would, subject to conditions, subscribe and pay 17,720,496 ordinary shares that represent 16.68% of the fully paid share capital of Triglav INT.

- The Triglav Group will continue with activities aimed to consolidate its position in the area it covers, taking into account macroeconomic conditions and forecasts, expected structural reforms and opportunities in the insurance markets in the region as well as those offered by potential new insurance segments - the insurer added.

The holding company Triglav INT was established by Zavarovalnica Triglav with the intention of transferring into it ownership of its subsidiaries outside of the European Union.