The Management Board of Ciech SA hereby informed that it acquired 6,5 per cent of shares of ZA Tarnów as a result of subscription to these shares in the Public Offering of this company.
Ciech SA acquired 1560 thousand of shares of series „B” of ZA Tarnów paying PLN 19,50 for one share, and paying PLN 49 920 thousand in total. The long-term character of the investment of Ciech in shares of ZA Tarnów is associated with the realization of the strategy of the Ciech Chemical Group for years 2007-2011. One of the important elements of this strategy is to develop Dywizja Agro based on the acquisition of one of the national producers of fertilizers.
Bering in mind current market conditions, the Management Board of Ciech SA took up a decision on subscribing for shares of ZA Tarnów in the Public Offering. After that CIECH is going to acquire the majority of a block of shares of ZA Tarnów. In the opinion of the Management Board of Ciech SA, the acquisition of 6,5 per cent block of shares of ZA Tarnów in the public offer consolidates the company position as regards the further privatisation of ZA Tarnów for the year 2009 announced by the Ministry of the State Treasury.
Potential taking over control over ZA Tarnów will allow the Ciech Chemical Group to acquire about 10 per cent share in the polish market of fertilizers. It means that shares of Ciech in the market will double in comparison with the present situation. Products of ZA Tarnów will significantly extend the offer of Dywizja Organika and will make its development faster. In the opinion of the Management Board of Ciech SA, strategic adjustment and numerous synergies, for example as regards the purchase of raw materials, distribution of products and logistics guarantee long-term profits for both companies and their shareholders.