Stalexport will soon have creditors banks among shareholders

APA - Austria Presse Agentur
opublikowano: 06-03-2006, 11:37

Warsaw (Puls Biznesu) – Stalexport, the listed company trading with steel products, is to sign agreement with creditor banks in March. The consortium of banks led by ING BSK agreed to convert PLN 33.5-65.2m (EUR 8.8-17.1m) of debts into shares.

Warsaw (Puls Biznesu) – Stalexport, the listed company trading with steel products, is to sign agreement with creditor banks in March. The consortium of banks led by ING BSK agreed to convert PLN 33.5-65.2m (EUR 8.8-17.1m) of debts into shares.

 

Stalexport will soon have a new shareholders’ structure. Emil Wasacz, its CEO revealed that a consortium of banks led by ING BSK has agreed to convert the company’s debts into its shares.

“All banks in the consortium agreed with our proposal. Now, the final agreement is being reached. It may be signed in March”, Emil Wasacz said.

There are, among others, Bank Millenium, Kredyt Bank, PKO BP, Pekao and Bank Zachodni WBK in the consortium.

 

Stalexport gave credit guarantees in 1997 to Walcownia Rur Jednosc, a pipe producer which has not started operations now amounting to PLN 141.5m.

“The agreement with banks provides that part of this sum will be amortized, and the rest exchanged for Stalexport stock. We estimated that PLN 33.5-65.2m should be converted into shares”, Mieczyslaw Skolozynksi, Stalexport deputy CEO responsible for finances said.

Banks will acquire F shares till June 30th 2006. ING BSK will have the biggest stake albeit not the majority stake.

 

Stalexport had PLN 144.5m of net loss against PLN 442m of sales last year.

(PLN 1 = EUR 0.263)

 

 

 

 

 

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Podpis: APA - Austria Presse Agentur

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