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Thursday, February 22, 2024

CPK has finalized the agreement to purchase a controlling stake in Torpol

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We conducted the transaction in accordance with the best market standards. It was subjected to a profitability analysis and received a positive result of the private investor test, thanks to which we purchased one of the most important construction companies in Poland – said the president of Centralny Port Komunikacyjny (CPK) Mikołaj Wild. CPK has finalized the agreement to purchase a controlling stake in Torpol. The investment is to facilitate the construction of the so-called CPK spokes, i.e. railway lines leading, among others, to the airport.

According to the press release, the agreement signed on Wednesday concerns the purchase by CPK of a controlling stake (38% of shares) of Torpol joint-stock company from Towarzystwo Finansowe Silesia (TFS), which until recently was the largest shareholder. It was reminded that the process began with the signing of a preliminary agreement in January this year. Subsequently, the CPK company obtained the required consents: corporate and the president of the Office of Competition and Consumer Protection.

About the transaction: we have acquired one of the most important construction companies in Poland

– The most important benefit of today’s transaction is the reduction of the risk of lack of contractors during the implementation of the ambitious CPK railway investment programme. We conducted the transaction in accordance with the best market standards. It was subjected to a profitability analysis and received a positive result of the private investor test, thanks to which we purchased one of the most important construction companies in Poland – stressed the president of the CPK company, Mikołaj Wild, quoted in the release. It was noted that the takeover of control over Torpol by the CPK does not mean that it will obtain contracts on preferential terms. The CPK company conducts transparent procedures for awarding contracts for construction works, where Torpol will be able to submit its offer on the same terms as other entities on the market and in accordance with the public procurement law. TFS President Jadwiga Dyktus pointed out that the Society has been actively participating in important investment and restructuring processes of large state-owned enterprises for two decades. – The company took advantage of the investment opportunity by participating in Torpol’s IPO and, as a financial investor, performed its role to the best of its ability. We assure both CPK and Torpol’s shareholders that today it is a professionally managed company with an innovative organizational culture, excellent management staff and a team of approximately 800 employees dedicated to its success – she emphasised.

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Tasks of Torpol

In the past, Torpol has conducted greenfield projects and has multi-industry experience in investments in the railway, road and cubature sectors. The company has completed projects such as the construction of the Łódź Fabryczna station. As stated, the acquisition of Torpol is to facilitate the construction of the so-called spokes of the CPK, i.e. railway lines leading, among others, to the planned airport. STH is preparing the construction of 10 so-called spokes. In total, it is about 2,000 km of new railway lines, which are to be completed by the end of 2034.

Read also: Citizens vs Railroads. “550 houses to be demolished. These are thousands of people who are suddenly about to go to the pavement

Main photo source: Shutterstock



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