FAP considers bonds

Alan Heath
10-10-2001, 00:00

FAP considers bonds

Farm Agro Planta is still seeking funds in order to realise its investment plans. Shareholders will be asked on 30 October to vote on a PLN50m bond issue.

Only around PLN1m — PLN5m of this sum is earmarked for the company directly. The rest will be needed for the purchase of the Kędzierzyn chemical concern, the acquisition of which is still on the cards as far as FAP is concerned. MD Mirosław Ciełuszecki does not even seem to be bothered by the fact that Ciech has signed an investment and social package with the chemical works. Warsaw based Ciech is now only waiting for permission from the new government to take the south western chemical plant.

Mirosław Ciełuszecki says that if his company gets chosen to be the investor in the privatisation of the chemical works then the rest of the funds required would come from a PLN60m loan from CAiB.

Another important factor concerning the privatisation of the Kędzierzyn plant will be the shareholders meeting at Ciech which is to be held on 19 October. A vote will be taken on increasing the capital of the company in order to pay for the chemical plant. However as more than half of the shares belong to the treasury which would not contribute to the capital increase then a political decision will have to be made on whether the government is prepared to see a partial privatisation of this company by the back door.

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Podpis: Alan Heath


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