Rafineria Jedlicze has disposed of its shares in Raf-Ekologia
No. 116/ 2008  | 30-12-2008

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") announces that on 30 December 2008 its subsidiary, Rafineria Nafty Jedlicze, a joint stock company headquartered in Jedlicze (“Rafineria Jedlicze”), as Seller, and “MO-BRUK” J. Mokrzycki limited partnership headquartered in Korzenna, nowosadecki administrative district (“MO-BRUK”), as Purchaser, signed an agreement regarding the sale of shares (“Disposed Shares”) in Raf-Ekologia, a limited liability company headquartered in Jedlicze (“Raf-Ekologia”).

As a result of signing the agreement MO-BRUK has purchased from Rafineria Jedlicze 6 362 shares in Raf-Ekologia with a nominal value of PLN 100 per share, i.e. a total nominal value of PLN 636 200. The Disposed Shares represent 92,7% of the registered capital of Raf-Ekologia and 92,7% of the votes at the Shareholders’ General Meeting of Raf-Ekologia. The purchase price for the Disposed Shares amounts to PLN 1 500 000.

The purchase price of the Disposed Shares was paid by MO-BRUK in cash on the day before the transaction. The Disposed Shares in Raf-Ekologia have been transferred to MO-BRUK on the date of signing the agreement.

As a result of the disposal, Rafineria Jedlicze will hold no shares in the registered capital of Raf-Ekologia.

The book value of the Disposed Shares in Rafineria Jedlicze’s accounts amounted to PLN 636 200 as at 30 December 2008.

Additionally, on 30 December 2008, Rafineria Jedlicze has signed with MO-BRUK an agreement for the sale of assets, which are used in Raf-Ekologia’s operations (upon tenancy agreement), which constitute part of Rafineria Jedlicze.

The main business activities of Rafineria Jedlicze are the regeneration and purchase of processed oils, the production and sale of heating oils, and the production of base oils based on the re-processing of used oils and the production of organic solvents.

Raf-Ekologia provides services for thermal waste recycling.

MO-BRUK provides a broad range of services in industrial waste management, in conducting of the rubbish heaps, the recovery and recycling of waste and the production of alternative fuels.

PKN ORLEN owns 75% of the registered capital of Rafineria Jedlicze and 75% of the total number of votes at the Shareholders’ General Meeting of Rafineria Jedlicze.

The Supervisory Board of Raf-Ekologia consists of 3 members, all of whom are Rafineria Jedlicze employees.

The Supervisory Board of Rafineria Jedlicze consists of 6 members, 4 of whom are PKN ORLEN employees, and one is a Rafneria Jedlicze employee.

As the Disposed Shares represent more that 20% of the registered capital of Raf-Ekologia, they are significant assets in accordance with par. 2 section 1 point 52 and section 5 of the Polish Regulation of the Minister of Finance dated 19 October 2005, on current and periodic information to be published by issuers of securities.


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