Bank Pekao granted Soda Polska Ciech, a company belonging to the Ciech Chemical Group, a loan of over PLN 256 million. The newly acquired funds will be used to finance the company’s investment activity by the year of 2012. – Thanks to this loan, one of the most important companies of the Ciech Group, Soda Polska Ciech, will be able to, for example, improve the efficiency of soda ash production and modernize power stations – emphasizes Ryszard Kunicki, a head of the Ciech Chemical Group. Investments will contribute to the improvement of production efficiency and decrease in expenses of Soda Polska Ciech, which will have a significant and positive influence on financial results of the Ciech Group.
Terms and conditions of a loan agreement are very favourable for the company. Repayment of liabilities will begin on 30 June 2012 – after the completion of the investment – and will last by the end of 2015.
This loan agreement confirms that the Ciech Chemical Group is perceived by business partners as a company having sound foundations and good prospects.
Ciech keeps the net profit forecast at the level of PLN 88 million for the year of 2008 and it expects the improvement of its financial results in 2009.
The Management Board regularly analyses the economic environment that is changing dynamically and takes remedial measures, the aim of which is to counteract negative phenomena on the market. The example of the above activities is the appointment of the Board of the Ciech Group that is comprised of the Management Board of Ciech SA, heads of four Divisions (Soda, Organika, Agro, Krzemiany and Szkło), and presidents of key companies of the Group (Soda Polska Ciech, Organika-Sarzyna, Zachem, Fosfory, Alwernia and Vitrosilicon). The Board of the Ciech Group has been appointed to monitor the current financial and market situation, support the integration processes in the Group, enhance the synergy effects between its companies, and react quickly to the changing economic conditions.
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press release download:  The Company belonging to the Ciech Group received a loan for the completion of investment projects |
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The Ciech Chemical Group is the biggest chemical concern in Poland and one of the leaders on the Central-European market. It consists of over 30 companies; it is found in the group of a hundred biggest business entities in Poland. The Group’s main products include soda ash (the second place in Europe), salt, phosphatic and mixed fertilizers, pesticides, epoxy and polyester resins and other organic chemistry products used in glass-making, furniture and construction industry and in agriculture. With its annual income at the level of about PLN 3,5 billion, the Ciech Chemical Group is rated among the first hundred of the biggest Polish companies (49th place on the “List 500” of Polityka and 59th place on the “List 500” of Rzeczpospolita for the year 2007). Since February 2005, Ciech has been quoted on the Warsaw Stock Exchange. Company’s major shareholders include the State Treasury (36,68% of shares and votes at the General Meeting of Shareholders), Pioneer Pekao Investment Management SA (18,77%), Open Pension Fund PZU “Złota Jesień” (6,12%). Further information available at www.ciech.com
Media contact:
Krzysztof Grad, spokesman for the Ciech Chemical Group, Head of the Communications Office of Ciech SA,
phone number.: (0 22) 639 13 18, mobile: 0 669 600 011, e-mail: krzysztof.grad@ciech.com |