Ukraine coal miner Coal Energy acquires Poland's Advanced Industrial Technologies for 295,000 euros

MOSCOW. Dec 25 (Interfax) - Coal Energy, a major coal producer in Ukraine, has acquired Poland's Advanced Industrial Technologies Sp. z o.o. for 295,000 euros.

"Board of Directors of Coal Energy S.A. ("Company") informs about acquisition of a new asset. According to new Development strategy for 2023-2026 the Company has signed an agreement on acquisition of 100% of shares of Advanced Industrial Technologies Sp. z o.o. - company registered in Katowice, Poland," Ukrainian media said citing Coal Energy report published on its website.

Advanced Industrial Technologies was established in 2018 and provides underground mining services to coal mines in Poland, Coal Energy said.

The cost of the transaction is UAH12,123,900 (equivalent to 295,000 Euros at the NBU rate), which the company will have to pay within three months after signing the agreement, Coal Energy said.

Coal Energy S.A. is registered in Luxembourg and has been listed on the Warsaw Stock Exchange since August 8, 2011. The company's beneficiary is its board chairman Viktor Vishnevetsky.

Coal Energy's principal business is underground mining, beneficiation and sale of thermal, coking and dual-purpose coals.

Coal Energy said in its report for the 2022 financial year that ended in June 2022 that as of the time of publication it had sold some of its assets, while some other assets, located in the Donetsk coal basin, were lost. The new development strategy is aimed at expanding the company's business "beyond the negative impact of military operations." The company plans to mine mineral resources in Europe and participate in the development of critical minerals mining in Europe.