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68/2011 Fulfilment of conditions in TP Emitel preliminary sale agreement - Orange Polska

Pursuant to art. 5, clause 1, item 4 of the Decree of the Minister of Finance of 19 February 2009 on current and periodic information disclosed by issuers of securities and conditions for recognising as equivalent information required by the laws of a non-member state (Journal of Laws of 2009 No. 33, item 259, with amendments) the Management Board of Telekomunikacja Polska S.A. (“TP S.A.”, “Company”) informs about fulfilment of suspensory condition related to the significant agreement.

All conditions of the preliminary sale agreement of TP Group’s stake in TP Emitel have been fulfilled

In relation to current reports 36/2011 and  62/2011, the Company hereby informs that on 7th of June 2011 it received information about registration on 6th of June 2011 by the District Court in Warsaw an increase in the share capital of Bilbo Sp. z o.o. (“Bilbo”) from the amount of PLN 5,000 to PLN 1,725,005,000. TP S.A. has taken up all the newly created shares in the increased share capital in exchange for contribution in kind in form of 100% of stake in TP Emitel Sp. z o.o. (“TP Emitel”). The value of the contribution in kind amounts to PLN 1 725 million.

As a results of the above mentioned transfer, as well as, the consent from the President of the Polish Competition Office obtained by the buyer, all conditions for concluding the preliminary agreement on disposal of shares of TP Emitel Sp. z o.o. to EM Bidco sp. z o.o. (former Kapiri Investments Sp. z o.o.), whose sole shareholder is Montagu IV (B) LP., have been met.  

The transaction shall be closed according to conditions of preliminary sale agreement concluded on 24th of March 2011.  

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