The Board of Directors of JSW decided to acquire JSW Stabilizacyjny FIZ certificates in the amount of no more than PLN 5 billion.

The JSW Board of Directors has adopted a resolution on the acquisition of Series D and subsequent Series D investment certificates issued by JSW Stabilizacyjny FIZ with a total target amount not exceeding PLN 5 billion, the company announced in a press release.

“The above-mentioned decisions regarding rebuilding the resources of the QIZ are aimed at ensuring that the QIZ can be used as a cash safety store in the period of economic downturn and/or in the period when the company will generate negative cash flows, in addition to providing financial support for what is planned for the long term The long and medium deadline for expenditures related to the implementation of investments of strategic importance to the company and JSW Group” – it was written in the statement.

JSW has declared that it is necessary to obtain company approvals to do so.

“At the same time, the company informs that the above action does not amount to feeding the FIZ with cash. The value of the FIZ feeding will depend each time on the financial capabilities of the company and the listed financial surpluses, which will be preceded by separate decisions of the Board of Directors and the Supervisory Board, which the company will report on in reports Separate current ”- it was written in the press release.

The net asset value of FIZ at the end of 2021 amounted to PLN 507.7 million. In April 2022, investment certificates were issued for QIZ investments in the amount of PLN 700 million, and accordingly, the value of the net assets of the industrial zone increased to more than PLN 1.2 billion. (PAP Biznes)

sb/asa/