EQS-News: ProCredit Holding AG / Key word(s): Legal Matter/Miscellaneous ProCredit Holding AG: Conversion into joint stock company successfully completed 27.09.2023 / 13:39 CET/CEST The issuer is solely responsible for the content of this announcement.
ProCredit Holding AG: Conversion into joint stock company successfully completed
Frankfurt am Main, 27 September 2023 – The parent company of the development-oriented ProCredit group has successfully completed the transformation of its legal form into that of a stock corporation (AG). The conversion was completed with today’s entry of ProCredit Holding AG in the commercial register (27 September 2023). Beforehand, the Annual General Meeting held on 5 June 2023 had already resolved to approve the change in legal form with a very large majority. The conversion into a stock corporation is intended to further enhance investor acceptance, especially among international market participants, while at the same time simplifying the corporate structure. The business focus of ProCredit Holding, and in particular its emphasis on South Eastern and Eastern Europe and its commitment to impact orientation, will remain unchanged.
The conversion to a stock corporation, which was completed today, was preceded by a comprehensive analysis. This process was always guided by the premise that the ProCredit group would retain its unique development mission and profit orientation, as well as its regional focus on South Eastern and Eastern Europe. The ProCredit group expects the transformation to an internationally better known corporate structure to also help the company become attractive to a wider circle of potential investors. Furthermore, the conversion into a joint stock company enables a simplification and streamlining of the organisational structure. Unlike in a KGaA, the supervisory board of a stock corporation has the function of appointing and dismissing the management board. Through the election of the supervisory board, the shareholders of a stock corporation thus gain influence on the management.
The transformation into a stock corporation does not entail any change in the existing circle of shareholders. The limited partner shareholders hold, at the time of conversion, the same amount and number of shares in ProCredit Holding AG as they previously held in ProCredit Holding AG & Co. KGaA. For the limited partner shareholders themselves, there is no need to take any action due to the change of legal form, as they automatically become shareholders of the joint stock company that continues to be listed on the regulated market (Prime Standard).
Hubert Spechtenhauser, Chair of the Management Board of ProCredit Holding AG, comments: "With its impact orientation, the ProCredit group pursues a unique business model. Providing banking services with a positive impact on economic, social and environmental development in our countries of operation is more important today than ever before. We are confident that converting the legal form from a KGaA to an AG is the right way to continue ProCredit’s success story. It is especially pleasing that we were able to implement the conversion so quickly following the corresponding resolution at the Annual General Meeting on 5 June 2023, and we would like to thank everyone who supported us in this process."
Andrea Kaufmann, Group Communications, ProCredit Holding, Tel.: +49 69 951 437 138,
About ProCredit Holding AG
ProCredit Holding AG, based in Frankfurt am Main, Germany, is the parent company of the development-oriented ProCredit group, which consists of commercial banks for small and medium enterprises (SMEs). In addition to its operational focus on South Eastern and Eastern Europe, the ProCredit group is also active in South America and Germany. The company’s shares are traded on the Prime Standard segment of the Frankfurt Stock Exchange. The main shareholders of ProCredit Holding AG include the strategic investors Zeitinger Invest GmbH and ProCredit Staff Invest GmbH & Co KG (the investment vehicle for ProCredit staff), KfW, the Dutch DOEN Participaties BV and the European Bank for Reconstruction and Development. As the group’s superordinated company according to the German Banking Act and as the parent financial holding company of the ProCredit financial holding group, ProCredit Holding AG is supervised on a consolidated level by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and the German Bundesbank. For additional information, visit: https://www.procredit-holding.com/
27.09.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com
|Company:||ProCredit Holding AG|
|60486 Frankfurt am Main|
|ISIN:||DE0006223407, DE000A289FD2, DE000A3E5LD7, DE000A0N37P3, DE000A161YW4, DE000A3MP7Z1, DE000A289E87, DE000A3E47A7, DE000A2YN7F2, DE000A2YN017|
|Indices:||im Freiverkehr der Frankfurter Wertpapierbörse|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1735769|
|End of News||EQS News Service|
1735769 27.09.2023 CET/CEST