June 2, 2020 / 6:06 AM / a month ago

BRIEF-Alior Bank Says Signs Investment Deal With PKN Orlen, PZU And PZU Zycie Regarding Ruch

June 2 (Reuters) - Alior Bank SA:

* SAID ON MONDAY THE BANK SIGNED A PRELIMINARY AGREEMENT REGARDING PURCHASE OF 108.8 MLN SHARES (100% STAKE) IN RUCH WITH NETHERLANDS-BASED LURENA INVESTMENTS FOR 1.00 ZLOTY

* THE BANK ALSO SAID IT HAS SIGNED AN INVESTMENT AGREEMENT WITH PKN ORLEN, PZU AND PZU ZYCIE WHICH CONCERNS RUCH’S RESTRUCTURING PROCESS

* THE INVESTMENT AGREEMENT DEFINES CONDITIONS OF THE PROCESS UNDER WHICH RUCH’S SHARE CAPITAL WILL BE INCREASED AND PKN ORLEN, PZU, PZU ZYCIE WILL ACQUIRE SHARES OF THE NEW ISSUE

* UNDER AGREEMENT PKN ORLEN WILL BECOME RUCH’S PARENT COMPANY, WHEREAS THE BANK WILL HOLD 6% STAKE IN RUCH’S SHARE CAPITAL

* APART FROM THE INCREASE OF RUCH’S SHARE CAPITAL SHARES ACQUIRED FROM LURENA INVESTMENTS WILL BE REDEEMED WITHOUT REMUNERATION

* THE BANK AND RUCH HAVE SIGNED AN AGREEMENT UNDER WHICH THE BANK WILL REDEEM THE RECEIVABLES OF UP TO 87.5 MLN ZLOTYS PROVIDED THAT ADEQUATE PROVISIONS HAVE BEEN CREATED FOR THIS PURPOSE

* THE BANK HAS BEEN INFORMED THAT POLAND’S ANTI-MONOPOLY OFFICE HAS APPROVED THE TAKEOVER OF RUCH BY PKN ORLEN

Source texts for Eikon:

Further company coverage: (Gdansk Newsroom)

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