Current report no. 7/2015
Title: Another payment received under the agreement 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 10th February 2015 the Issuer received at its bank account payment for delivery to Ethiopia of the fourth lot of tractors, equipment for servicing centers and spare parts for tractors in the framework of execution of the first stage of the commercial agreement concluded 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, 24/2014 , 25/2014, 39/2014, 43/2014 and 45/2014.
The amount of 27.349.815,07 PLN received by the Issuer, equivalent to 7.467.526,30 USD (the total amount of two stages of the agreement is 90.000.000 USD, the amount of the currently executed stage is 49.999.998 USD), was paid by Bank Gospodarstwa Krajowego within the Agreement between the Polish Government and the Government of the Federal Democratic Republic of Ethiopia on extending a tied aid credit.
Till now the Issuer for execution of the first stage of the agreement has received in total 31.146.695,73 USD, including the following payments:
- received on the 27th June 2014 the advance payment in the amount of 14.999.999,40 USD, constituting 30% of the total amount of the first stage of the agreement;
- received on the 29th October 2014 payment in the amount of 2.703.861,18 USD, constituting 60% of the amount of the first lot of tractors, spare parts for tractors and equipment for servicing centers;
- received on the 3rd December 2014 payment in the amount of 2.827.402,66 USD, constituting 60% of the amount of the second lot of the subject of the agreement;
- received on the 12th December 2014 payment in the amount of 2.697.262,66 USD, constituting 60% the amount of the third lot of the subject of the agreement;
- received on the 9th January 2015 payment in the amount of 450.643,53 USD, constituting 10% of the amount of the first lot of tractors, spare parts for tractors and equipment for servicing centers.
The company is executing the commercial agreement with METEC in compliance with its time schedule. The first stage of the agreement provides for six deliveries of the subject of the agreement. Now the Issuer is preparing the fifth delivery to METEC.
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.
