Polimex to issue bonds to ARP

Troubled construction company Polimex-Mostostal will issue bonds worth PLN 140 million, to be purchased by the Industrial Development Agency (ARP), the company said in a statement on Thursday. The issue is part of a new stage of the firm’s restructuring plan. Part of the issued bonds will be convertible into shares. They should allow the ARP to obtain an up to 33 percent stake in the construction firm. Within this stage of restructuring, Polimex-Mostostal will also spin off two subsidiaries. One of them will be active in the energy sector and the second one – in petrochemicals.