Current report no. 36/2016   (26.10.2016)

Title:

Another payment from Ethiopian Sugar Corporation

Legal basis:

Art. 17 sec. 1 Market Abuse Regulation

Message:

The Management Board of the Issuer hereby informs that on the 26th October 2016 the Issuer received at its bank account the payment for delivery of a lot of tractors and spare parts thereof within execution of the annex to the sales contract with The Federal Democratic Republic of Ethiopia (FDRE) SUGAR CORPORATION (Ethiopian Sugar Corporation) of the 26th August 2015, concluded on the 14th March 2016 (Current report no. 12/2016). 

The amount of 10.359.395,54 PLN received by the Issuer, equivalent of 2.637.589,25 USD, represents the value of the lot of the contract subject delivered within the additional scope of the contract with Ethiopian Sugar Corporation, resulting from the above-mentioned annex, the value of which is 5.021.476,45 USD.

Till now for delivery of cane haulage tractors, tandem cane haulage trailers and spare parts thereof to Ethiopian Sugar Corporation within the sales contract with ESC and its annex the Issuer has received in total 35.614.051,45 USD.

All payments under the contract with Ethiopian Sugar Corporation are made by Bank Gospodarstwa Krajowego on the basis of the Agreement between the Polish Government and the Government of the Federal Democratic Republic of Ethiopia on extending a tied aid credit.

Deliveries of lots of tractors and spare parts within the annex to the contact with ESC have been executed by the Issuer according to the agreed timetable. The received payments result from meeting by the Issuer of all terms and conditions of the above-mentioned annex and attest its due fulfillment.