PKO Leasing, one of the bank’s subsidiaries, acquired 100% of shares in a public company Prime Car Management SA (PCM):
- on 27 May 2019, it acquired 11 244 402 shares in PCM (accounting for 94.42% of the company’s share capital and carrying 94.42% of votes at the General Shareholders’ Meeting) as a result for a call to subscribe for the sale of PCM shares announced on 18 April 2019 in accordance with Art. 74 (1) of the Act dated 29 July 2005 on public offering and on the conditions of introducing financial instruments to the organized trading system and on public companies (Act on Public Offering), by settling the acquisition of shares covered by the subscription under phase 1 of the call,
- on 24 June 2019, it acquired the remaining shares (664 438 shares) as part of a squeeze-out procedure in accordance with Art. 82 (1) of the Act on Public Offering and Regulation of the Minister of Finance of 14 November 2005 on acquiring shares in a public company through a squeeze-out.
The total acquisition price amounted to PLN 283 million. The purchase of shares was financed from an overdraft facility granted to PKO Leasing by PKO Bank Polski.
The business operations of the acquired company consist of conducting leasing activities (finance and operating leases) and managing a car fleet.
The company’s share capital as at 31 December 2019 amounted to PLN 23 817 680 and was divided into 11 908 840 shares with a nominal value of PLN 2 each.
By 17 June 2019, PCM’s shares were traded on the Warsaw Stock Exchange Main Market. On 31 October 2019, they were excluded from trading on the regulated market.
Due to the PCM’s purchase, its subsidiaries joined the PKO Leasing Group. The core activities of PCM’s subsidiaries comprise primarily car rental, finance lease, sale of motor vehicles, and maintenance and repair of motor vehicles.
||Share capital (PLN)
||Number of shares
||Nominal value of share (PLN)
|Masterlease sp. z o.o.
|MasterRent24 sp. z o.o.
|Futura Leasing SA
The acquisition of PCM with its subsidiaries aims to strengthen the PKO Leasing Group’s leading position in the lease sector and expand fleet management and car rental services.
At the same time, PKO Bank Polski granted two loans totalling PLN 1 890 million to PCM to change the financing structure of PCM and its group – refinancing the existing liabilities of PCM resulting from loan agreements concluded and bonds issued, and financing and refinancing current operations.