Current report no. 7/2016 05.02.2016
Title: Payment received under the contract with ESC
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 5th February 2016 the Issuer received at its bank account the payment for the first lot of cane haulage tractors, tandem cane haulage trailers and spare parts thereof within execution of the sales contract with The Federal Democratic Republic of Ethiopia (FDRE) SUGAR CORPORATION (Ethiopian Sugar Corporation), concluded on the 26th August 2015, of which the Issuer informed in the current report no. 26/2015, amended with the annex, of which the Issuer informed in the current report no. 46/2015.
The amount of 25.539.583,22 PLN received by the Issuer, equivalent of 6.548.779,00 USD, represents the value of the first delivered lot of the subject of the agreement and was paid according to the payment schedule agreed by the parties, upon submission by the Issuer of the relevant transport documents after delivery of goods.
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.
URSUS S.A. is executing the commercial agreement with Ethiopian Sugar Corporation in compliance with its time schedule.
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.
