Action, an IT distributor, on the last day of 2009 sold its shares in Action Ukraina, which was running a radio, television and household equipment chain in Ukraine.

This decision was made due to unsatisfactory financial results and the lack of chances for Ukraine to rapidly get out of economic crisis.

"Despite an intensive restructuring of Action Ukraina, the substantial breakdown of the economy [in the country] negatively influenced the financial results of our company. Negotiated terms of the transaction [$2 million for a 51 percent stake] helped us take a decision regarding the selling of the shares," said Piotr Bieliński, president of Action.

He assured that he is focused on improving the financial profitability of companies comprising the group and one of the objectives for 2010 is to achieve profitability from all of them. This goal would not be achieved with the Ukrainian company still within the group.

Source: Puls Biznesu