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Polskie Koleje Państwowe SA to transfer assets to the local government-owned company Przewozy Regionalne

Polskie Koleje Państwowe SA will transfer twenty-six properties worth 270 million PLN to the local government-owned company Przewozy Regionalne.

The list of properties to be contributed as an in-kind contribution was jointly agreed upon by Przewozy Regionalne and PKP SA. The transfer of the properties is now subject to the approval of the General Meeting of Shareholders of Przewozy Regionalne. The transferred facilities include land, technical facilities, and administrative premises in thirteen voivodeships. Among them, the two largest complexes are: repair halls and technical facilities in Idzikowice (Łódź Voivodeship) worth 20 million PLN and in Wrocław worth 28 million PLN. Land and buildings contributed to other companies must have the so-called contribution capacity. For PKP SA to be able to transfer them, they must be: enfranchised in favor of PKP SA, separated from closed areas, plotted on geodetic maps, and appraised by independent experts. The process of preparing one property for contribution takes from six to eighteen months. Polskie Koleje Państwowe SA, in accordance with the Act on the Restructuring and Commercialization of PKP, contributes assets necessary for their operation to current and former PKP Group companies. The properties contributed by PKP SA to railway companies are worth 6 billion PLN. This year, in addition to the contribution to Przewozy Regionalne, PKP SA will contribute properties worth over 400 million PLN to companies including: PKP CARGO SA, PKP Energetyka SA, Telekomunikacja Kolejowa Sp. z o.o., and Przedsiębiorstwo Napraw Infrastruktury Sp. z o.o. In total, in 2010, PKP SA will contribute properties worth approximately 700 million PLN to companies. The transfer of properties to the local government-owned company Przewozy Regionalne was made possible by the amendment to the Act on the Railway Fund and the Act on the Commercialization, Restructuring, and Privatization of the state-owned enterprise “Polskie Koleje Państwowe”. The amendment to the act allows PKP SA to make an in-kind contribution to Przewozy Regionalne Sp. z o.o. in the form of properties necessary for conducting passenger rail transport activities, the redemption of shares acquired by PKP SA for this purpose by the State Treasury, and the free transfer of shares by the State Treasury to voivodeship local governments.