Press releases

In implementing the reorganisation programme, the Management Board of Ciech executed a contract for sale of Polfa for PLN 8.1 million. The contract will be implemented provided that the said company’s liabilities of PLN 5.5 to Ciech are repaid. By the end of the 1st half of 2011, the income from reorganisation accounted for PLN 542 million, which represents nearly 83 percent of the amount to be generated by the end of 2014.

In accordance with the contract signed today, for 3 820 of shares representing 100 percent of the share capital of Polfa Sp. z o. o. Ciech will be paid by the purchaser, Invest Pharma Sp. z o. o., PLN 8.1 million. The main prerequisites for the contract becoming effective is the consent of the Office of Competition and Consumer Protection, release of Polfa from any and all obligations arising from consortium loan agreements and repayment of the loan to Ciech of approximately PLN 5 million.

The sale of Polfa results from the strategy to focus on the core business and abandon sectors not directly related to the Group’s basic operations.

Polfa is an agent in foreign trade in medical products. The company offers ready-made medicines of all therapeutic groups and pharmaceutical substances (both, active and auxiliary). The company also offers packaging for medicines, cosmetics and domestic detergents, as well as food products.

The purchaser of Polfa, Invest Pharma, is a special-purpose vehicle established for the purposes of transactions by entities and individuals connected with the medical and pharmaceutical industry. The investor is going to develop the company based on his business connections in the pharmaceutical industry within the current operations of the company.

– By signing the today’s contract for sale of Polfa, we have completed another project included in the Reorganisation Plan of the Group. Although the most important and most spectacular transactions, including issue of shares with pre-emptive rights, sale of PTU or GZNF Fosfory have been already completed, we continue to consistently reorganise our Group – said Ryszard Kunicki, the President of Ciech.

By the end of the 1st half of 2011, within the framework of the reorganisation process, Ciech completed, among others, sale for nearly PLN 24 million of a part of the real property at Powązkowska street, sale of 45.4 percent of shares in PTU for PLN 131.4 million, sale of nearly 90 percent of shares of GZNF Fosfory for PLN 107.24 billion (plus PLN 121.36 million of liabilities repaid to Ciech) and sale of a number of minor assets for more than PLN 60 million. At the same time, reorganisation activities within the Group have been conducted, including takeover of a part of polyurethane foam production from Zachem and reduction in the costs of purchase of raw materials and energy.