The Management Board of Orzeł Biały S.A. (“The Issuer”, “The Company”) hereby announces that on 26.09.2016, at the request of the Management Board on the same day, the Supervisory Board adopted a resolution on the approval of the Company’s activities direction in terms of planned changes to the structure of Orzeł Biały Group by way of the incorporation into The Company of areas relevant to its business (excluding purchasing structure areas) currently performed by its subsidiaries within the Group’s business set-up.
In relation to the approved Company’s activities direction, the Supervisory Board approved with the said SB resolution the Company intentions to incorporate into Orzeł Biały SA its subsidiary of Ekobat Orzeł Biały sp. z o.o. its objectives (functions), its rights and obligations as well as its assets.
Ekobat Orzeł Biały sp. z o.o. based in Bytom is entered in the companies register of the National Court Register kept by the District Court Katowice-Wschód in Katowice, 8th Commercial Division of the National Court Register, under KRS 0000140502, of the share capital at PLN 1,295,000. All shares of the Company are held by the sole shareholder being Orzeł Biały SA. The core business activity of the company is the recycling of plastics, mainly polypropylene derived from the processing of spent lead-acid battery cases. The Subsidiary has been a member of Orzeł Bialy Group since 2002.
In order to implement the adopted course of action the Supervisory Board entrusted the Management Board with the task to take necessary factual and legal actions including the preparation and coordination of the merger plans.
Planned changes to Orzeł Biały Group structure are consistent with the strategy adopted by The Company consisting mainly in the focus on the core business of the Company and aimed at, in particular,: the most effective use of the potentials of the Group subsidiary companies, especially in the key areas, and achieving synergies; reducing the cost of the subsidiary companies’ business activities including, in particular, the management costs in such areas as administrative, accounting, auditing services etc. as well as the consolidation of the subsidiary companies’ equities and a more efficient management of assets carried by them.
The Issuer will inform the market in the relevant reports of any subsequent actions of the Company implemented in the said area and of the potential impact of those activities on the Company’s result.
Legal basis: Art. 17 Para. 1 MAR – Inside Information.
Publication date and time: 26.09.2016 at 17:0