News
On 27 February Polimex-Mostostal turned to its financial creditors - party to the restructuring Agreement – with a proposed extension of the deadline for additional PLN 50 million to be acquired from the issue of shares until May 31, 2013.
On April 9 this year creditors took a binding decision on the matter and agreed to extend the deadline as proposed by the Company. Thus, the provisions of the restructuring agreement are not violated.
The prospectus prepared by the Company for among others public offering of…
As a result of the news appearing in media that the investment committee of the Polish Energy Group recommended that the Board of the company withdrew from the Opole power plant expansion plans, Polimex-Mostostal announces that the contract is only an option included in the restructuring agreement that Polimex-Mostostal signed with creditors. This means that in the case of the contract not coming into force, the terms of this agreement shall not be violated.
- This does not change the fact that this investment,…
Polimex-Mostostal is continuing its restructuring program.
The reduction of the number of posts is one of its components having significant impact on the reduction of fixed costs. Since August 2012, employment in the Company has been reduced by 2.3 thousand persons. This resulted in PLN 120 million annual savings.
- Through the restructuring program Polimex-Mostostal is planning to reduce costs by at least PLN 300 million in 2013-2015. The Company has been continuing to implement a recovery program involving,…
Under the terms of the restructuring Agreement concluded in December last year between Polimex-Mostostal and its financial creditors, the Company agreed to acquire PLN 250 million from the issue of shares up to 31 March this year.
Till this day Polimex-Mostostal received PLN 200 million income in this respect. The Company’s prospectus on public offering of shares was submitted to the Financial Supervision Authority. After having it approved, the Company will proceed to implement the issue of shares.
On 27…
On the 28th of March 2013 the Supervisory Board of Polimex-Mostostal delegated Mr. Dariusz Krawczyk, holding the position of the vice-president of the Supervisory Board, to temporarily (until 30th of April 2013) hold the position of the member of the Management Board and act as the president of the Management Board of the Company.
The Acting Chairman of the Board of Polimex-Mostostal, Robert Oppenheim, resigned from his post. His mission will end on 29 March 2013
A competition takes action that will bring the company's new CEO. Robert Oppenheim will not take part in it. The Supervisory Board of Polimex-Mostostal will meet again on March 28 this year.
With the announcement on March 19 the results for 2012, the company completed the first phase of restructuring.
- During the preparation of the report for 2012, as it has been announced, we managed to complete the in-depth review of contracts in terms of their profitability and the prospects associated with them. As a result, it was necessary to update their values and, in effect, make write-offs, which significantly influenced the results. Write-offs related to the intangible and legal assets, the so called goodwill assets, as well as the property portfolio of the Group. This is not surprising, since we have already…
Polimex-Mostostal continues the implementation of the restructuring program. One of the essential elements of it is the sale of assets that are not included in the core business of the Company.
Yesterday i.e. on 7 March 2013, the final agreement for the sale of Energomontaż-Północ Gdynia and a harbor real estate where Energomontaż-Północ Gdynia operates was signed. Energomontaż-Północ Gdynia deals with manufacturing and assembly of steel structures for shipbuilding and ship repair and port operations focused on…
On 6 March 2013, the Torpol SA Consortium - a 100% subsidiary of Polimex-Mostostal - signed a contract for the design and execution of works under the project "Improving the transportation services by improving the technical condition of the railway line no. 143 Kalety − Kluczbork section"
The Employer is the PKP Polish Railway Lines SA.
The tender was submitted by a consortium consisting of:
- TORPOL S.A. – the Leader
- INTERCOR Sp. z o.o. (Technical Services)
- POZBUD T&R S.A.
The value of the offer…
Polimex-Mostostal continues the implementation of the restructuring program. One of the essential elements of it is the sale of assets that are not included in the core business of the Company. Among others, Sefako Boiler Factory has already been sold. The sale of Energomontaż-Północ Gdynia Company is in the final phase.
Polimex-Mostostal has also put on sale about 50 real-estates whose common feature is the significant potential for property development. These include, among others:
· an office building in the…