Aug. 28 (Bloomberg) -- AAA Auto Group NV’s majority owner Anthony Denny plans to sell most of his holdings in the Czech chain of used-car dealerships over the next two years.
Denny, the former chief executive officer who owns about 77 percent of the shares, intends to sell as much as 73.8 percent of the company, AAA Auto said today on its website.
The move comes after Denny was replaced as CEO in July, two decades after he founded the business. The sale will take “approximately one to two years” and Denny may keep a minority stake, the Amsterdam-registered company said.
“The departure of the long-term chief and majority owner raises uncertainty about future developments, and therefore we regard the news as slightly negative,” said Martin Krajhanzl, an analyst at Ceska Sporitelna AS in Prague, in a report today.
AAA Auto Shares jumped 2.8 percent to 19.43 koruna at the close in Prague, making it the best performer in the 14-member PX equity index, which dropped 1.1 percent. The stock earlier dropped as much as 1.6 percent after the sale announcement. Share turnover today was more than six times the daily average over the past three months.
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