Industrial paraffin producer Polwax offered three tank parks with a total capacity of 8,000 cubic meters to chemical operators in Czechowice-Dziedzice.
The tanks are designed for the storage of chemicals with the exception of fuels and fuel oil, and its own handling infrastructure allows for the handling of both automotive and rail types of transport, it was reported.
In a document adopted on Friday, January 31, 2020, the Company announces an increase in the efficiency of its operations due to the concentration of paraffin production in one plant in Jasło. Continuing cooperation with large recipients of candles and gravelights, and maintaining stability in financing operating activities by restructuring the current debt.
Poland is the largest producer and exporter of candles among all EU countries.
Eurostat data shows that in 2018 Poland produced candles worth EUR 619 million, which represented 38% of the total EU candle production, which amounted to EUR 1.638 billion. Germany and Italy were ex aequo behind Poland, with production worth 164 million Euro, and with shares of 10%.
Polwax received confirmation from Grupa Lotos that it recognized the Polwax’s offer for the purchase of paraffin products in 2020 as the most favourable, the company said. The estimated amount of paraffin products to be purchased will be 22 thousand tons (± 20% in the seller's option) and the estimated value of turnover under the arrangements made so far will be approximately PLN 58 million net in 2020.
Prospectus approval is currently under way in the Polish Financial Supervision Authority, so we cannot discuss the details of the ongoing administrative procedure. We want to emphasize that in connection with the new - in force since July 21 - regulations regarding the prospectus proceedings, the Company had to adapt some of the previous provisions to the new legal regulations. This action definitely extended the whole process.
The Supervisory Board, through the co-option provided for in § 13 point 6 of the Company's Articles of Association, appointed on August 12, 2019 as a new member of the Supervisory Board - Mr Krystian Pater. The decision is a consequence of Mr Tomasz Biel’s resignation from work in the Supervisory Board.
Polwax S.A. informs its shareholders that due to ongoing work at the PFSA Office regarding the approval of the prospectus on the issue of E series shares, until the prospectus is approved by the PFSA Office and published by the Company, the shareholders will not be able to exercise their share-warrants, i.e. subscribe for E series shares. The published prospectus will contain the conditions for conducting it and a detailed schedule of the offer.
On 31.07.2019, pre-emptive rights to the new issue shares will be allocated. Pursuant to the report No 38/2019 of 31.05.2019: "one pre-emptive right to subscribe for new E-series shares will authorize to subscribe for two ordinary E-series bearer shares". "The company will offer a total of 20,600,000 (twenty million six hundred thousand) series E ordinary bearer shares with a nominal value of PLN 0.05 (five groszy), i.e. the maximum number of series E shares."
Pursuant to the resolution of the Extraordinary General Meeting of Shareholders of March 25, 2019 regarding the increase of the Company's share capital by issuing no more than 20,600,000 ordinary E series bearer shares - we remind you that the Pre-emptive Rights Day for the new issue falls on July 31, 2019.
The presented financial results are preliminary estimates obtained during the preparation of the financial statements for the first half of 2019 and may change. The final data on the achieved results will be presented by the company in a semi-annual report, which will be published on September 10, 2019, also stated.
For over 10 years, Polwax has been manufacturing anti-caking agents for fertilizers, i.e. agents protecting fertilizer granules against sticking and dusting during technological processes, storage and transport.
Polwax is halfway through the implementation of contracts for recipients from the gravelights market. The company not only produces finished products, but also supplies a wide range of smaller producers in the country with raw materials and semi-finished products. Our advantage is such a combination of appropriate adsorbents with specific additives in the refining process that the paraffin masses offered are characterized by very good color and stability of parameters.