Current report no 62 / 2011

Current report no 62 / 2011 - 11 July 2011 / 00:00

Conclusion of the annex to the bank guarantee agreement with Bank Ochrony Środowiska SA

The Management Board of Budimex S.A. (“the Company”) was informed by Bank Ochrony Środowiska SA about the conclusion of an annex to the agreement on the establishment of an engagement limit in the form of a renewable line on bank guarantee (“the Agreement”) on July 11, 2011. Budimex SA informed about the conclusion of this agreement in the current report no. 55/2010 of 14.07.2010.

  • Pursuant to the Annex the following amendments were introduced:
    • The amount of guarantee limit was increased from PLN 100 000 000 (say: one hundred million PLN) to PLN 150 000 000 (say: one hundred fifty million PLN) not later than until 08.07.2012.
    • As security for the guarantee limit, the Company grants the Bank a power of attorney to administer the Company’s bank account maintained by the Bank
    • Moreover, to each guarantee issued by the Bank within the line, the Company will submit a declaration on submission to bank execution concerning liabilities resulting from the guarantee.
  • The remaining conditions of the Agreement are not altered.

The Contract value exceeds 10% of the equity of Budimex SA.