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CPK wants to take over Torpol. Deputy Minister Marcin Horała talks about one of the leaders of the railway industry

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Centralny Port Komunikacyjny has concluded a preliminary agreement to purchase 38 percent of shares in the listed company Torpol, said Marcin Horała, Deputy Minister of Funds and Regional Policy, government plenipotentiary for the CPK. Torpol specializes, among others, in the construction of railway infrastructure.

Company Central Communication Port (CPK) concluded on Tuesday with Towarzystwo Finansowe Silesia (TFS) a preliminary agreement for the purchase of 8,728,600 shares representing 38 percent. shares in the listed company Torpol. 10.41 percent Torpol’s shares belong to Nationale Nederlanden OFE, 8.79 percent to PKO TFI SA, and other shareholders control 42.8 percent. shares.

CPK shopping

As reported by the Central Communication Port, capital involvement in the contractor company is to facilitate the construction of the so-called spokes of the CPK, i.e. railway lines leading, among others, to the new airport. It was emphasized that the transaction was carried out according to market standards. It was subjected to a profitability analysis and received a positive result of the so-called private investor test.

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– The preliminary agreement signed today (purchase of shares in Torpol – ed.) will later be processed in accordance with all procedures so that the CPK capital group is enriched by a company capable of implementing large multi-industry infrastructure projects. Such a company is Torpol – said the government plenipotentiary for the CPK, Marcin Horała, during the Tuesday press conference.

He added that CPK perceives Torpol as one of the leaders of the Polish market in the railway industry. According to the deputy head of the MFiPR, the entry of Torpol into the CPK capital group will ensure the safety of the implementation of the Central Communication Port.

– One of the basic assumptions of the CPK investment program is that this investment should also serve to develop Polish competences, so that the huge funds that we will invest stay in our country and influence the development of local companies and local entities. This, of course, does not mean that Torpol will be a monopolist. We will apply all provisions of the public procurement law to these contracts, but we will have an entity that will provide us with implementation security – explained Horała.

“Acquiring an industry investor for Torpol”

Deputy Minister of State Assets, Karol Rabenda, who was present at the press conference, reminded that Towarzystwo Finansowe Silesia is a state-owned company under the supervision of the Minister of State Assets. – Acquiring an industry investor for Torpol today creates an opportunity to further increase the position of this company on the railway investment market and at the same time is important for the strategic project of the CPK – indicated Rabenda.

The president of CPK, Mikołaj Wild, pointed out that the company’s takeover of control over Torpol does not mean that it will obtain contracts on preferential terms. “However, both sides can invest in long-term relationships based on trust with confidence,” he pointed out.

The president of TFS Jadwiga Dyktus emphasized that Towarzystwo Finansowe Silesia has been actively participating in important investment and restructuring processes of large state entities for 20 years. She reminded that Torpol had implemented greenfield projects in the past and has a multi-industry practice in investments in the railway, road and cubature sectors. The company was responsible for for the construction of the Łódź Fabryczna station.

As emphasized by the Central Communication Port, the key benefits of the transaction include: reducing the risk of lack of necessary executive resources in the implementation of STH railway investments. The purchase will allow the company to access Torpol’s executive powers, and both parties to adjust the allocation of investment risk between the ordering party and the general contractor.

After signing the agreement on Torpol, the next step is to obtain corporate approvals and submit an application to the Office of Competition and Consumer Protection for permission to make the transaction

Torpol – what does the company do?

Torpol deals with comprehensive modernization and construction of railway infrastructure, adapting its parameters to the requirements of EU and international railway traffic regulations. The company has completed many projects for the construction and modernization of sections of the most important railway lines that are the national part of the pan-European transport corridors – E20, E30, E65 and E75.

As a general contractor – leader of the Torpol consortium, he was responsible for the design and construction of the multimodal Łódź Fabryczna station, the first in Poland and the third in terms of scale and specificity of railway investment works in Europe.

The CPK company is preparing the construction of 10 so-called spokes leading from various regions of Poland to Warsaw and the new airport. In total, it is about 2,000 km of new railway lines, which are to be completed by the end of 2034.

Read also: Does Poland need a CPK? “You can do it differently”

Main photo source: Shutterstock

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