Krak-Gaz’s core business is the wholesale and retail distribution of liquid petroleum gas (LPG). Lotos said that its wholly-owned subsidiary’s acquisition is part of the company’s strategy of expanding its footprint in the Polish LPG market. Lotos Mazowsze will treat the acquired shareholding as a long-term investment.
Lotos said that the acquired shares, the aggregate par value of which amounts to PLN3.5 million, are equal and indivisible, and represent 100% of Krak-Gaz’s share capital. The purchase price for the shares, amounting to PLN16.4 million, was covered with internally-generated funds of Lotos Mazowsze.
Lotos said that the financial assets involved in the transaction are deemed significant, since they represent more than 20% of shares in Krak-Gaz.
