Cordia International raised its stake in Polnord S.A. to 92.92% in a tender offer. Following the transaction, the shareholders elected a new supervisory board with representatives from Cordia.
Cordia purchased 26,595,374 shares in Polnord for the purchase price of PLN 3.55 in a tender offer announced in February. Following such purchase, the company increased its stake in Polnord from 64,042,109 shares (approximately 65.66% of the share capital of the Polish company) prior to the settlement of the tender offer to 90,637,483 shares (approximately 92.92%).
Following the transaction, as one of the first steps of close cooperation, the shareholders elected a new supervisory board with representatives from Cordia. After that, the members delegated by Cordia also became a majority in the composition of Polnord's management.
“Cordia considers Polnord as an attractive investment, partly due to its significant professional background, but mostly because of its vast land bank. Poland is a key market for our group, that’s why we decided to invest here a part of assets raised Cordia’s first bond issue within the Bond Funding for Growth Scheme of National Bank of Hungary”, said Tibor Földi, Chairman of the Board of Cordia.
In Polnord’s vast landbank a prominent urban development project in Warsaw is also included. Drawing on thirty-eight years of experience in the area of investment and development, the company runs projects in Warsaw and the Tri-city (Gdańsk, Gdynia and Sopot), as well as development plots e.g. in Poznań. Polnord is a founding member of the Polish Association of Developers and has been listed on the Warsaw Stock Exchange since 1999.
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