Russian VIS Construction Group has placed an offer for the purchase of a 33 percent stake in debt-burdened Polish builder Polimex-Mostostal, reported Parkiet, citing unnamed sources close to the offer.

The price proposed by the Russian entity is reportedly slightly higher than what the Polish state-owned Industrial Development Agency (ARP) is prepared to pay for the company.

According to earlier arrangements the state's ARP was due to meet with investors next week to agree to its purchase of a controlling stake in Polimex, which the government wants to keep afloat to ensure it is able to provide the expertise needed to undertake a zł.6.3 billion scheme to expand the Kozienice power plant and another zł.9.3 billion power plant project in Opole.

The ARP will pay up to zł.0.5 per share for Polimex, offering creditors the opportunity to convert their outstanding debt into shares valued at up to zł.0.6.

According to Parkiet's sources, however, funds with shares in Polimex won't allow the Russian company to take control of the Polish builder.

Poland A.M.