April 4, 2018 / 3:34 PM / 16 days ago

BRIEF-Qumak Signs Second LoI With Euvic

April 4 (Reuters) - QUMAK SA:

* SIGNS SECOND LETTER OF INTENT (LOI) WITH EUVIC SP. Z O.O. AND SHAREHOLDERS OF EUVIC

* UNDER SECOND LOI SHAREHOLDERS OF EUVIC WILL GET MAJORITY STAKE OF QUMAK IN EXCHANGE OF 100% STAKE OF EUVIC

* PARTIES ESTIMATE THAT VALUE OF 100% STAKE OF EUVIC WILL NOT EXCEED 220 MILLION ZLOTYS

* PARTIES ESTIMATE THAT CAPITAL OF 50 MILLION ZLOTYS WOULD BE NECESSARY TO GRADUALLY REDUCE DEBT OF QUMAK AND TO DEVELOP ACTIVITY OF NEWLY CREATED GROUP

* PARTIES SEE FY 2020 REVENUE OF THE GROUP AT ABOUT 450 MILLION ZLOTYS AND FY 2020 NET PROFIT AT ABOUT 30 MILLION ZLOTYS

* PARTIES INTEND TO COMPLETE TRANSACTION TILL JUNE 30, 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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