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Polimex says state agency to buy new shares at max PLN 0.5 each

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WARSAW, Oct 12 (Reuters) - Polish state-run agency ARP wantsto buy new shares in the beleaguered local builder Polimex

at up to 0.5 zlotys (15 cents) per share, the companysaid, offering creditors the chance to convert their outstandingdebt into shares valued at up to 0.6 zlotys each.

ARP, which also has an option to buy subscription warrantsfor new Polimex shares valued at up to 0.5 zlotys each, agreedto spend no more than 250 million zlotys ($79 million) to buy astake of up to 33 percent to aid the troubled company.

Creditors already agreed to waive interest payments untilthe end of November to give Polimex time to restructure its 2.5billion zloty debt. They were now offered to swap debt intoshares valued below their 0.66 zloty Thursday closing price.

Current Polimex shareholders will vote on the proposals onMonday.

The builder, valued at 349 million zlotys, is the largest ofdozens of Polish construction groups to run into trouble afterPoland's motorway bonanza ahead of the Euro 2012 soccertournament turned sour, leaving builders deeply in debt.

In a series of moves to avoid the fate of fellow builder PBG, which has been in bankruptcy protection since June,Polimex signed a vital 6.3-billion zloty power deal and alreadysecured a lifeline loan from ARP.

The agency, despite possible problems from EU regulatorsover state aid, said earlier this week it would be interested inbuying the Sefako and Energomontaz Polnoc units that Polimex putup for sale.($1 = 3.1604 Polish zlotys)

(Reporting by Adrian Krajewski; Editing by Eric Meijer)

((adrian.krajewski@thomsonreuters.com)(+48 22 653 9709)(Reuters Messaging:adrian.krajewski.thomsonreuters.com@reuters.net))

Keywords: POLIMEX ISSUE/