PEW finally buys into EC Torun and Energotor for 47m

Finally, after months of delays, the privatization agreement has been signed. Power and Heating Plant Elektrocieplownia Wybrzeze (PEW) paid zl. 47 million for 45% of two heat producers - EC Torun and Energotor, also from Torun. During the next three months Elektocieplownia Wybrzeze (a member of the Electrite de France group), is obliged to buy a further tranche. For this second tranche, 5% minus 1 share, the Treasury Ministry will get over zl. 5 million. The third tranche, containing 10% of shares, will also go to the investor within one year from the date on which the agreement was signed - on condition that the Interior (and Administration) Ministry agrees to it. The price of this package will amount to a total of zl. 10 million. Following this final operation, the State Treasury will still be in possession of 25% plus 1 share and 15% of shares will remain in the hands of the companies' employees. The agreement also obliges the investor to increase the capital of EC Torun and Energotor by zl. 17 million over the coming 42 months. (Puls Biznesu, pp.1, 8) A.L.