French SNE buys 45% stake in Ec Bialystok energy plant for euro 49 million

SNET, the second biggest French company producing electric energy from conventional sources, is paying the State Treasury euro 49 million for a 45% stake in Elektrocieplownia Bialystok. The investor has also agreed to raise the plant's capital by euro 16 million during the next two years. After the purchase transaction is concluded, SNET will hold 52.3% of Ec Bialystok's shares, and within 5 years the investment will total euro 55 million. SNET also guarantees seven years of employment to the company's workers, a gross privatization bonus of zl.12,500, a 10% raise, and the repurchase of the employees' shares at a price equal to 50% and 70% of the Treasury share price. Both Ec Bialystok and its strategic investor plan to focus initially on the northeastern part of Poland and to create a medium-sized power manufacturing group consisting of a number of associated small plants producing pure electric energy and heat. Another objective is to increase energy sales by 40%, i.e. to 700 GWh. (Prawo i Gospodarka, pp. 1,4) M.S.-C.