PRAGUE -- AAA Auto Group's majority owner, Anthony James Denny, plans to sell most of his stake in the Czech chain of used car dealerships that he built up and listed on stock exchanges in Prague and Budapest, the company said in a statement.
Denny, who was replaced as CEO by Karolina Topolova in July, plans to sell up to 73.79 percent of his 77 percent stake. The sale will take "approximately one to two years," 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 in Prague, in a report today.
AAA Auto's total market value was $65.9 million on Tuesday, according to Reuters data.