Zeist,
29
April
2010
|
22:00
Europe/Amsterdam

Eureko Kappa and Polish State Treasury sell 29.9% of PZU shares

Eureko B.V. hereby announces that the bookbuilding in preparation of the Initial Public Offering (IPO) of shares in PZU SA has been completed yesterday. As agreed in the Settlement and Divestment Agreement signed on 1 October 2009, Eureko B.V. and Kappa S.A. (a special-purpose vehicle owned by Eureko B.V. and the State Treasury created for the purpose of the planned offering) are selling shares constituting 24.9 per cent of PZU's share capital of which 14.9 per cent is offered by Kappa S.A. and 10 per cent by Eureko B.V. In addition, the Polish State Treasury is offering an additional 5 per cent of PZU shares, bringing the total offering to 29.9 per cent of PZU’s share capital. The price per share is fixed at PLN 312.5.

The first day of trading is expected to be around 14 May 2010. After the settlement of the IPO, Eureko expects to receive a gross amount of EUR 1.6 bln. (before deduction of costs). Eureko expects to add approximately EUR 700 mln. to its 2010 H1 net profit. Group solvency will increase with 25 per cent as a result of the transaction.

Eureko and Ministry of State Treasury of Poland signed a settlement agreement on 1 October 2009. On 26 November 2009 Eureko received a dividend payment of EUR 1.85 bln. as the first part of the agreement. This formally ended the arbitration procedure based on the Treaty on the Encouragement and Reciprocal Protection of Investments between the Republic of Poland and the Kingdom of the Netherlands. The sale of part of the shares through an IPO is the second important step in the Settlement and Divestment Agreement.

After the planned IPO, Eureko will continue to hold a minority stake of 13 per cent in PZU.

For further information, please contact:

Dutch and International media: 

Bert Rensen, Press Officer Eureko,
Phone: +31 65 163 57 28
Email: bert.rensen@eureko.com

Polish Media: 

Agata Strzalkowska, Compress
Phone: +48 60 930 14 35
Email: AStrzalkowska@compress.com.pl

Investor Relations: 

Sandra van Gils, Investor Relations Manager Eureko
Phone: +31 61 362 84 23
Email: sandra.van.gils@eureko.com