CA-Black-Transp

Kopex Group Taken Over by FAMUR


 

FAMUR S.A. submitted an offer to purchase the 65.8% of Kopex S.A. it did not already own for PLN 204 million ($53 million). The Kopex acquisition is a breakthrough in the development of the FAMUR Group the company said. The transaction, which is expected to close in the first quarter of 2018, will create one strong supplier of underground coal mining equipment in Poland that can also compete with others abroad.

“Over the past few months we have prepared an integration plan, taking into consideration all business, operational and social aspects of the transaction. I am convinced that its effective implementation will make it possible to optimally use the potential of both groups and create the Polish champion that will be ready to implement comprehensive mining and energy projects all over the world,” said Miroslaw Bendzera, CEO of FAMUR S.A.

After the transaction is completed, the former Kopex Group will be divided into the machinery and trade and service units. The Kopex machinery unit will be taken over by FAMUR, which will entail the issue of new shares in FAMUR S.A. to the minority shareholders of Kopex S.A. in exchange for the shares corresponding to the machinery unit. As a result, the minority shareholders of Kopex will hold about 3% of the increased share capital of FAMUR S.A. and they will remain the shareholders of the listed company, which will continue to carry out its trade and service activity under its new name.

“We [are seeing] clear signs of recovery on the market, which should have a positive impact on the scale and value of contracts implemented by the FAMUR Group. Recent contracts and very good financial results for the first quarter of 2017 confirm the return of favorable business conditions in our industry and allow us to have a much more optimistic outlook on the future,” Bendzera said.