With reference to the report No. 17/2021 of 20 May 2021 on the decision to launch the review process of strategic options for selected groups of assets, the Management Board of Boryszew S.A. based in Warsaw (“Company”, “Issuer”) announces hereby that on 30 August 2021 the Company concluded an agreement with LERG S.A. based in Pustków – Osiedle on sale of 19.364 shares of the nominal value of PLN 500 each, accounting for 100% of the share capital in Elana PET Sp. z o.o. based in Toruń (“Elana PET”) for the price of PLN 30.8 million. The transfer of ownership of shares and payment of the price will take place on the date of conclusion of the sale agreement.
The provisions of the Agreement on the assurances made, termination of the Agreement, contractual penalties or withdrawal from the Agreement are not different to conditions generally applied in agreements of this type.
In 2020 Elana PET generated sales revenues of PLN 26.1 million (in 2019: PLN 38.8 million), EBITDA in 2020 amounted to PLN 1.4 million (in 2019: PLN 1.5 million) On 30 June 2021 the value of Elana PET shares in the books of the Issuer amounted to PLN 4.7 million.
The sale of Elana PET as a non-strategic asset is dictated by potentially attractive rate of return from the transaction versus an alternative scenario of developing the business of Elana PET within Boryszew Group structures.
The transaction will have no significant influence on financial results and liquidity of Boryszew Capital Group. On the other hand, the sale of the mentioned assets is considered significant, given the review process of strategic options for assets, which is still underway.
The Buyer is an operator with no organisational or personal relations with Issuer or the Seller.
Legal attitude: Article 17 section 1 MAR – Confidential information.
Wojciech Kowalczyk – President of the Management Board
Translation from the original Polish version.
In the event of differences resulting from the translation, reference should be made to the official Polish version