| To this day, City Service SE (further - the Company) subsidiaries in Spain has been operating in the field of apartment building administration and insurance brokerage businesses. Company's management is looking forward to develop business in other forms, namely, PortalPRO, a transparent platform where customers can order various services. The operation of the platform is based on the sharing economy. Using the platform, service providers will be able to offer their services related to housing and its maintenance and repair. As a result of developing PortalPRO business and by reason of apartment building administration business is not meeting the profitability criterias requested by the Company's management, Company decided to withdraw from the apartment building administration business in Spain. Considering the above, on November 30, 2021, the Company through its Spanish subsidiaries has signed business transfer agreement on sale of apartment building administration business and partial sale of insurance brokerage business in Spain. The buyer of sold businesses was a Spanish company, acting in apartment building administration and insurance brokerage sectors. | |
