Profil:

Polimex Mostostal SA
Publikacja: 2024-11-14 13:45

Polimex Mostostal estimates PLN 269.8 mln reduction in 'Pulawy' project margins

Listed builder Polimex Mostostal has decided to reduce the margin of the project for the construction of a complete heat and power condensing unit based on coal fuel carried out for listed chemicals group unit, Grupa Azoty Pulawy, by PLN 269.8 million (EUR 62.3 mln), Polimex said in a market filing.


As stated, the change is due to the payment from bank guarantees issued on behalf of the company (guarantees of environmental protection bank BOS and Poland's state development bank BGK), for the benefit of the ordering party, as well as sufficient certainty regarding the possibility of obtaining the missing amount of remuneration under the contract, which is related to the company's request for the delivery of a bank guarantee of payment for the construction works by the ordering party.

Polimex Mostostal maintained its previous position of rejecting the ordering party's claims in their entirety as unfounded and maintains its position that the demands made to BOS and BGK constitute a manifestation of abuse of the right from the guarantees provided.

At the end of October, 'Pulawy' maintained its position regarding the contractual penalties reported against the Polimex consortium for the delay in the implementation of the investment in the construction of the new coal unit. Azoty Pulawy group has made a demand for payment of guarantee sums to banks.

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