Elektrim secures deal with State Treasury over PAK

After many months of negotiations, Elektrim has reached an agreement with the State Treasury over the power plants group PAK, in which the holding is a strategic investor, while the state holds a 50% stake. What is surprising is that Elektrim received all that it demanded from the Ministry. Company president Piotr Nurowski claims that there was no trick in the deal, but simply, "Rationality has won. Regretfully it happened so late." The deadline to complete the large investment program has now been scheduled for July 1, 2006, which is 15 months later than originally anticipated. Thanks to the agreement, the EBRD will grant the project a EUR 350 million loan as early as next week. In exchange, the holding promised to make changes to the statute of the power plant group, which will help secure the interests of the State. Moreover, Piotr Nurowski informed that Elektrim has also reached an agreement with the Treasury Ministry concerning the earlier purchase of the Ministry's 50% stake in PAK for the going market price. (Puls Biznesu, pp. 1, 10) M.M.