Registration of ORLEN Laboratorium

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe’s largest downstream oil company, informs of the registration of ORLEN Laboratorium, a limited liability company with its head office in Plock, on the 13th February 2003 by a District Court in Warsaw (Poland). PKN ORLEN owns 100 per cent of the shares, which have a par value PLN 500 each. Each share is a voting share. The shares in ORLEN Laboratorium were paid for by PKN ORLEN in the form of a:
- cash contribution of PLN 3,000,000;
- contribution-in-kind with a value PLN 6,915,000.
The company specialises in providing laboratory services and research and development work. The Management Board of ORLEN Laboratorium consists of 2 members, one of whom was a PKN ORLEN employee as at 31st September 2002. The shares owned by PKN ORLEN comprise 100 per cent of the initial capital of ORLEN Laboratorium. The cash contribution was financed from PKN ORLEN’s equity.