CPK enters into preliminary agreement with TF Silesia to buy 38 per cent of Torpol shares
Today, a preliminary agreement for the sale of TORPOL S.A. shares held by TFS between Towarzystwo Finansowe Silesia sp. z o.o. (TFS) and Centralny Port Komunikacyjny sp. z o.o. (CPK) has been concluded. The agreement covers 8,728,600 shares representing 38 per cent of the total number of shares and in practice means, once the parties fulfil the conditions precedent, the change of control over the listed company. As a result of the planned transaction, the company may acquire a strategic sectoral Investor, which will become a significant ordering party in the rail, but also road and aviation infrastructure construction market in Poland in the coming future.
Centralny Port Komunikacyjny sp. z o.o. is a 100% State Treasury company established to implement the Long-term Programme of the Central Communication Terminal, which includes the construction of a new central airport for Poland and the coordination and implementation of associated investments, including the modernisation of existing and construction of a new network of railways, express roads, motorways and other technical infrastructure.
CPK’s acquisition of shares from TFS, due to the same level of connection between these companies and the State Treasury, will in practice affect neither the shareholding structure nor the extent of control over the company by its future major shareholder. However, the acquisition of CPK as an industry investor by Torpol, provides additional incentives and opportunities for faster and targeted development, of the competences already held by the company, especially in the area of modern technologies and solutions in the construction of high-speed railway lines and related AC catenary power supply systems, as well as obtaining business synergies in other areas of activity. It should also be emphasised that the existing cooperation with TFS (financial investor) has been and continues to be very good, stabilising the company’s development and, in particularly difficult periods, making it possible to obtain financing for the implementation of certain projects. Currently, Torpol is one of the leaders in the railway modernisation market and is fully prepared to execute large, complex multi-sector infrastructure contracts, including the rail investments planned by CPK, which allow the company to diversify its sales of services – said Grzegorz Grabowski, the President of TORPOL S.A.