Current report no. 25/2014 (27.06.2014)
Title:
advance payment from the contract with METEC
Legal basis:
Art. 56 sec. 1 point 1 of the Act on Public Offering - Confidential information
Message:
The Management Board of the Issuer hereby informs that on the 27th 2014 the Issuer received at its bank account the advance payment according to the commercial contract with METALS AND ENGINEERING CORPORATION (METEC) OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA, of which the Issuer informed in the current reports no. 24/2013 and 24/2014. The amount of the advance payment constitutes 30% of the value of the first stage of the above contract and is 14.999.999,40 USD, denominated in 45 379 498,18 PLN (the total value of the contract is 90.000.000 USD). This amount was repaid by Bank Gospodarstwa Krajowego (BGK), within the Agreement between the Polish Government and the Government of the Federal Democratic Republic of Ethiopia on extending a tied aid credit. The next payments resulting from execution of the contract will be made together with successive deliveries of the subject of the contract, i.e. tractors, spare parts and equipment for servicing centers.
The Management Board hold talks at different stage of advancement with possible partners interested in products of the Company in different markets of Africa and the Middle East, what is connected with the strategy of reconstruction of export markets. The Company in relevant reports will inform about concrete results of talks and negotiations.
The legal basis of transmission of this report is of the Art. 56 sec. 1 point 1 of the Act on Public Offering dated July 29th 2005.
