Grenevia inks agreements leading to ownership of 99.6 pct of shares in Projekt-Solartechnik

"The buyout of a minority stake in the share capital of PST S.A. by Grenevia will allow for the revision of strategic directions in the RES segment and their subsequent implementation. As a result of the aforementioned transaction, it will be possible to start working on and adopting a new RES segment strategy," Grenevia said in the market filing.

"It will also be possible to optimise the company's operational and financial model, as well as to focus on business development in the areas considered by PST S.A.'s management to be the most promising," it added.

The company said that it has signed agreements to acquire a total of 34.8 percent of the shares in Projekt-Solartechnik (PST) for approximately PLN 79.3 million (EUR 18.4 mln) net.

"From the Grenevia group's point of view, in economic terms, the net payment to the sellers will amount to approximately PLN 79.3 million, which is the difference between the total purchase price of the shares in the amount of approximately PLN 176 million and the transfers to PST S.A. or other Grenevia affiliates, in the amount of approximately PLN 96.7 million," the company said in the market filing.

In addition, TDJ has entered into a preliminary share sale agreement with Grenevia, under which it will dispose of 25.23 percent of the shares in Famur Solar to Grenevia for approximately PLN 55.2 million (EUR 12.8 mln). This means that Grenevia will indirectly acquire 12.83 percent of the shares in Projekt-Solartechnik.

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