Treasury sells Silesian Sugar Group to Saint Louis Sucre International

The Treasury Ministry has sold the Silesian Sugar Group (SSC) to Saint Louis Sucre International (SLS). The French investor paid almost zł. 270 million for 93 million shares - 95% of the company's capital. Furthermore, SLS pledged to invest over zł. 400 million in Polish sugar plants. The French company acquired new shares as a result of SSC's zł. 250 million capital increase. At the end of March the Ministry announced that the transaction's original value of zł. 250.5 million had been increased by zł. 18.5 million due to the Ministry's decision to withdraw from its special privileges stemming from the acquisition of a "golden share". It was then, in November 2002, that it signed an agreement with SLS for the sale of the sugar plant. The investment plan of SLS stands at zł. 405 million, of which zł. 250 million is earmarked for the operational funds of chosen sugar plants. (Parkiet, p. 6) A.C.