POLAND/HUNGARY Cordia cashes in EUR 38 mln from Polnord takeover

Cordia, part of Hungarian development group Futureal, also wrote off PLN 52.2 mln from the value of Warsaw-listed Polnord’s assets as the result of a review of their value following the takeover – which Cordia claims is lower than it had expected. This profit stems from the expected difference between the equity value of Cordia’s stake in Polnord, according to Polnord’s balance sheet as of March 31st 2020, which is scheduled for publication in mid-July, and the acquisition cost expend