TDJ Group has acquired Kopex S.A. and the transaction will allow the restructuring of Kopex Group to continue, which will eventually enable the connection of its assets with FAMUR Group. The long-term intention is to build a strong supplier of comprehensive solutions for the mining industry.
The agreement concluded on 1 December 2016 and he signing of the agreement ends the several years' rivalry between two largest companies.
TDJ S.A. used own funds for the acquisition of the majority of shares of Kopex S.A., at the same time taking over the risks associated with the financial situation of Kopex Group. TDJ acquired 10% shares in Kopex S.A. in January 2014, and then it increased its involvement to almost 33% shares in May 2016. This recent transaction increases the share package owned by TDJ to 66% shares and gives TDJ the control over Kopex Group. TDJ also owns 72% shares in FAMUR S.A.
“The most important challenge we are facing right now is to regain profitability of Kopex Group and fill out all obligations towards the financial creditors of the company in accordance with the financial restructuring agreeement. In the near future we are also going to commence our work on the creation of an optimum model for the potential integration between Kopex Group and FAMUR Group, so that already at the beginning of next year this process could be started," said Tomasz Domogala, the owner of TDJ S.A.
The agreement concluded sets out the general terms for the debt restructuring of Kopex Group. The agreement relates, among other measures, to loans and guarantees granted to Kopex S.A. by the banks PKO BP S.A., Pekao S.A., ING Bank Slaski S.A., BGZ BNP Paribas S.A. and HSBC Bank Polska S.A. The total value of liabilities amounts to approximately PLN 620 million.
The plan for combining the potential of Famur and Kopex will be developed in the first quarter of 2017. The products of both companies are available on the markets in 30 countries on five continents. The total value of the companies' exports in 2015 and the first half of 2016 amounted to nearly PLN 1 billion.
Read the article online at: https://www.worldcoal.com/coal/05122016/tdj-group-acquires-kopex/
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