OREANDA-NEWS. The State Treasury intends to subscribe for all new Grupa LOTOS shares it is entitled to under the rights issue, and to maintain its existing percentage holding in the company. As announced on November 13th 2014, the Minister of State Treasury, acting on behalf of the State Treasury, will place (during the subscription period) a subscription order for all new Grupa LOTOS shares it is entitled to under its pre-emptive rights.

By placing the subscription order, with a value of approximately PLN 529.5m, the State Treasury intends to retain its existing share in the share capital of Grupa LOTOS and in the total vote at its general meeting, which now stands at approximately 53.19%.

"We believe that the funds invested by the State Treasury, to be used for financing a delayed coking unit with auxiliary installations (EFRA Project), will contribute to increasing the company's value for all shareholders," said Rafal Baniak, Deputy Minister of the State Treasury, who on October 15th 2014 signed an agreement with the company for assistance in the form of non-public aid on behalf of the Ministry of State Treasury. "Our involvement in the share issue is a demonstration of our support to the company's growth strategy. Grupa LOTOS is one of the State Treasury's strategic companies," Mr Baniak explained.

By fully exercising its pre-emptive rights, the State Treasury will take up 29,253,123 new Grupa LOTOS shares at a price of PLN 18.10 per share.