Ciech

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Current Report No.: 8/2019

A review of options of changes to the corporate and organisational structure, and the asset structure of the CIECH Group

Current Report No.: 8/2019

Date of preparation:
 19.03.2019

Abbreviated name of the Issuer: CIECH S.A.

Subject: A review of options of changes to the corporate and organisational structure, and the asset structure of the CIECH Group

Legal basis: Art. 17.1 of the MAR – inside information

Text of the Report:

In reference to Current Report No. 34/2018 of 5 December 2018, in which Ciech S.A. (the "Issuer" or "Company") advised on the adoption of the CIECH Group’s Strategy for 2019-2021 (the “Strategy”), the Company informs that on 19 March 2019, the Management Board of the Company adopted a resolution to initiate a detailed review of the following options:

  • changes to the corporate and organisational structure of the CIECH Group, with particular emphasis on the target model in the form of a holding company with a division of competences between individual business areas and the headquarters;
  • hanges to the asset structure of the CIECH Group.

This review is aimed at achieving the key objective under the Strategy, i.e. creating an effective and fully diversified chemical holding company that generates positive value for shareholders in the long term. This goal is also to be achieved by building value through changes in the asset portfolio and focusing on areas of key importance for the CIECH Group's operations.

As part of the review, the Company will carry out a detailed analysis of the corporate and organisational model of the CIECH Group, and possible measures aimed at its optimisation in order to adjust the CIECH Group's structure to the challenges arising from the Strategy. Measures considered may include, among others, transfer of individual assets within the Company's group, as well as acquisition and disinvestment of selected assets. The analyses conducted by the Company will be combined with the research of the mergers and acquisitions market in various areas.

Pursuant to the decision of the Management Board of the Issuer, the review of the options of changes in the asset structure will primarily concern the following companies: CIECH Pianki sp. z o.o. and CIECH Trading S.A.

The Management Board of the Issuer would like to stipulate that no decision has been made in relation to the selection of any particular option of specific changes to the corporate and organisational structure of the CIECH Group, or the structure of its assets. Thus, it is not certain whether or not, and if so – when, such decisions will be taken in the future.


Legal basis: Article 17.1 of the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 on Market Abuse (the Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of the European Union L No. 173, p. 1) (the “MAR”).

Signatures of the Company’s representatives:

Dawid Jakubowicz – President of the Management Board 

Artur Osuchowski – Member of the Management Board


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