RNS Number:3942A
Polski Koncern Naftowy Orlen S.A.
01 July 2004
Current report dated 1st July 2004
Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") Central Europe's largest
downstream oil company, announces that on 1 July 2004, on the basis of share
transfer agreements, the Company purchased 5,200 shares in ORLEN Morena Sp. z
o.o., based in Gdansk ("ORLEN Morena"), with a par value of PLN 1,000 each,
representing 49,52% of the initial capital of ORLEN Morena and the same number
of votes at its shareholders' meeting, for a total price of PLN 5,954,000.00 as
a result of the agreement between PKN ORLEN and FOX-OIL Company Sp. z o.o. based
in Gdansk.
Following the aforementioned transaction, PKN ORLEN owns 100 per cent of ORLEN
Morena
Purchase of the shares of the ORLEN Morena is in a line with PKN ORLEN strategy,
which envisages the consolidation of ownership Regional Market Operators.
ORLEN Morena activitities include retail and wholesale trade of fuels produced
by PKN ORLEN. ORLEN Morena is a Regional Market Operator in Northern Poland
Except for the share transfer agreements referred to above, no other relations
exist between the issuer and the issuer's managing or supervising persons and
the sellers of the shares.
About PKN ORLEN SA
PKN ORLEN S.A. is one of the largest companies in Central & Eastern Europe, with
listings on the Warsaw and London Stock Exchanges, and trading on the OTC market
in the U.S.A. It is Poland's largest refiner of crude oil and marketer of
world-class petroleum and related products. It has a substantial wholesale and
retail distribution system that includes the largest network of service stations
in Poland. It also has significant financial investments in the
telecommunications sector in Poland.
This information is provided by RNS
The company news service from the London Stock Exchange
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