The Extraordinary General Meeting decided to formally merge Ciech and Soda Mątwy and Janikosoda. This is the final stage of subordinating the structure of the Soda Division.
On Monday, November 7th, the Extraordinary General Meeting of Ciech decided to merge Ciech, Soda Mątwy and Janikosoda. The sole shareholder of both companies taken over is Ciech, and the value of their assets is already included in the assets of the parent company. No new shares of Ciech will be created during the process, and the whole operation will be conducted without increasing the share capital of the parent company.
The effects of the merger of companies will include: reduction in administrative costs (e.g. legal services, accounting services), simplification of the organisational structure and better management efficiency. The merger will eliminate an additional level in the ownership structure making it thus more transparent. After the merger Soda Polska Ciech will be a direct, not an indirect like before, subsidiary of Ciech.
Soda Mątwy and Janikosoda have not been currently conducting operating activities. In 2007, the production and energy activities of both companies were transferred to Soda Polska Ciech as part of the Soda Division reorganisation programme. The merger of Janikosoda and Soda Mątwy is the last step in this process. The operation could take place only after the sale of PTU shares held by both companies, which took place in Q4 2010, and after the buyout of minority shareholders, which took place in Q3 2011. In addition to the structure simplification and administrative cost reduction, the merger will not result in any significant changes.
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press release download:  Ciech to simplify the structure of the Soda Division |
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The Ciech Chemical Group is one of the leaders of the European chemical market. It comprises more than 40 companies. The Group has a well-developed production structure and business network in Poland, Europe and Asia. The main Group’s products include soda ash (second place in Europe), TDI, baking soda, salt, fertilisers, plant protection chemicals, epoxy and polyester resins and other organic chemical products used in the glassmaking, furniture, chemical, construction and agricultural industries. With annual revenues of approximately PLN 4 billion, the Ciech Chemical Group is among the 50 largest Polish enterprises. Since February 2005 Ciech SA has been listed on the Warsaw Stock Exchange. The largest shareholders of the company include the State Treasury (38.7 percent of shares and votes at the General Meeting), Pioneer Pekao Investment Management SA (10.0 percent), PZU "Złota Jesień" Open Pension Fund (5.1 percent),and ING Open Pension Fund (5.3 percent). More information at www.ciech.com. |
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Media contact:
Krzysztof Grad, Spokesman of the Ciech Chemical Group, Director of Communication Department of Ciech SA
tel. (+48 22) 639 13 18, mob. 0 669 600 011, e-mail: krzysztof.grad@ciech.com |