Aktuální report č. 71 / 2013

Agreement on granting contractual insurance guarantees with TUiR WARTA S.A.

The Management Board of Budimex S.A. would like to inform you that on 7 November 2013, the company and WARTA S.A. Insurance and Reinsurance Company concluded an agreement on granting contractual insurance guarantees.
Under the agreement, Budimex S.A. may order WARTA S.A. Insurance and Reinsurance Company to issue contractual insurance guarantees up to the total amount of PLN 40,000,000 (forty million zlotys).
The agreement was concluded for a period ending on 23 October 2014.
To secure any claims WARTA S.A. Insurance and Reinsurance Company may have towards Budimex S.A. due to guarantees issued under the agreement, Budimex S.A. has established collateral for WARTA S.A. Insurance and Reinsurance Company in the form of 6 blank sola bills with bill of exchange declarations.
Other terms and conditions of the agreement are standard for this type of agreements.
The value of the agreement exceeds 10% of equity of Budimex S.A.