Naftobudowa to merge with Naftobudowa Holding

The construction company Naftobudowa paid PLN 7.3mn (USD 1.7mn) to the State Treasury for 13.8% of shares in Naftobudowa Holding. Naftobudowa now owns 87.9% of Naftobudowa Holding and plans to go on with a megrer of the companies. The employees, who own the remaining shares will be offered 4 shares in Naftobudowa for each 10 shares they hold in Naftobudowa Holding. Naftobudowa is controlled by Polimex-Cekop, for which the merger of Naftobudowas is a part of restructuring of its capital group, which also includes a 55.3% stake in Mostostal Siedlce and a 23.1% stake in ZREW. After the merger, Polimex-Cekop will hold about 63% of the stock. The company pledged it would not withdraw Nafobudowa from public trading.