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A contract on the sale of business shares was signed in Belgrade on 23rd November by companies SKB Capital S.A. from Luxembourg and Erste Card Club Ltd. (ECC), based in Zagreb.

According to this contract, ECC will acquire 100 per cent ownership of companies Diners Club International Belgrade d.o.o. from Belgrade and Diners Club International Mak d.o.o.e.l. from Skopje, as well as indirectly taking over companies Diners Club International Ltd. Montenegro from Podgorica and DC Travel from Belgrade.

Diners Club International, as the franchisor, supports this transaction and approves the transfer of the license to ECC, as well as the future development of the Diners Club brand and operations on these markets.

In accordance with the contract, ECC takes over the exclusive right for the issuance and acceptance of the Diners Club card, as well as assuming responsibility for further development of the Diners Club brand and future operations on the territories of the republics of Serbia, FYR Macedonia and Montenegro. Completion of the transaction and the final transfer of shares are expected to occur in the first quarter of 2017, following the fulfilment of the formal and legal conditions from the contract itself, as well as the gaining of the approval of regulatory authorities.

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