PKN Orlen has received a copy of a citation submitted by Agrofert Holding regarding the payment of CZK 17.35 bn (PLN 2.36bn) compensation, the company said in a statement Thursday.
Our view: This is much higher claim than all previously submitted. PKN Orlen currently provisioned only EUR 70m (PLN 250m). The intention of Agrofert to raise its claims is not really new for the market, therefore we do not expect the news to make a negative surprise for the investors. PKN Orlen sees no reason in further provisioning for the higher claim as they consider the Agrofert Holding claim to be groundless, the company went on to write in the statement.