Contracts concluded between AAWSA (Ethiopia) and Apator Powogaz SA complying in total the criterion of significant contract
The Executive Board of Apator SA announces that during the latest 12 months the subsidiary Apator Powogaz SA and Addis Ababa Water and Sewerage Authority („Contractor”) concluded three contracts of the value of 6.991 000. USD, i.e..22.386 000 PLN. The above contracts comply in total the criterion of significant contract due to the exceeding of 10% equity of Apator SA.
Within the above contracts on the 8th November 2013, the subsidiary- Apator Powogaz SA received the order for the supply of water metres of the value of 1.215 000 USD, i.e. 3.783 000 PLN (according to the average exchange rate of National Bank of Poland dated 8th November 2013). The condition of the performance of the order is irrevocable documentary credit to be opened by the Contractor. The date of performance of the order is expected for the February 2014.
The contract of the highest value was concluded on 10th June 2013 for the amount of 5.665 000. USD, i.e.. 18.247 000 PLN (according to average exchange rate of the National Bank of Poland dated 10th June 2013). The subject of the contract is the supply of water meters, spare parts and accessories to water meters in December 2013.
The Executive Board of Apator SA announces that the conditions of the above contract do not differ from typical ones for such type of transactions on the market and it was concluded provided the irrevocable documentary credit is opened by Contractor. The irrevocable documentary credit was opened on 12th July 2013 by Commercial Bank of Ethiopia with expire date on 28th December 2013.
Addis Ababa Water and Sewerage Authority has the right to liquidated damages to maximum value of 10% of the contract value i.e. 1.825 000 PLN due to damaged good supplied.
Legal base : § 5 article 1 point 3 of the Regulation of Minister of Finance regarding current and regular information being transferred by the issuers of securities and conditions of the information to be considered as equivalent one required by law of the country not being the member of the EU.
CONTACT ON INVESTOR RELATIONS
Frequently asked questions and answers.