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EBRD acquires 10 per cent of Poland's Rolimpex S.A.
In support of Poland's agribusiness sector, the European Bank for Reconstruction and Development (EBRD) is participating in the privatisation of Rolimpex S.A., a Polish agribusiness trading and processing company listed on the Warsaw Stock Exchange, by acquiring 33.3 per cent of a share offering by the Polish State Treasury for a total consideration of PLN 43.9 million (US$ 16.1 million).
The Deputy Minister of Privatisation, Leszek Juchniewicz, stated: "We welcome the EBRD's continuing active participation in the restructuring of the Polish economy and the agribusiness sector in particular. We hope that the EBRD's investment will encourage other foreign investors to invest in Polish companies."
Hans Christian Jacobsen, Director of the EBRD's Agribusiness team, said: "Rolimpex is a leading agribusiness company in Poland with a strategy of vertical integration into selected agribusiness sectors. As a long term shareholder in the company, the EBRD will work alongside the management to implement this strategy."
The President of Rolimpex, Roman Mlyniec, commented: " EBRD's acquisition of Rolimpex shares preludes a further US$ 20 million financing facility from the Bank to finance joint projects in the Polish agribusiness sector. With EBRD's involvement, Rolimpex acquires not only a prestigious, long-term shareholder but also an active investment partner interested in the development and restructuring of Poland's agribusiness and food industry." He added: "I am confident that Rolimpex will lead the transformation of agribusiness in Poland and development prospects of the company look optimistic."
The transaction was finalised in connection with the offering of 1,197,600 or 30 per cent of the ordinary common shares of Rolimpex held by the Polish State Treasury. The offering, organised by the Polish Ministry of Privatisation on behalf of the State Treasury, was targeted only at financial investors. The EBRD has acquired 399,200 shares at the price of PLN 110 per share.
Formerly one of Poland's Foreign Trade Organisations, importing and exporting agricultural commodities, Rolimpex was partially privatised in 1994. The company now specialises in the sourcing, primary processing, broking and distribution of grain and grain products, rice, hops and malt, sugar and molasses, vegetable oils and fats, feeds and compound feeds potatoes and seeds. In 1995, Rolimpex reported a turnover of PLN 1.1 billion (US$ 415 million) and a pre-tax profit of PLN 60 million (US$ 22 million).
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