P.P. Porty Lotnicze signed a letter of intent to acquire 80.7% stake in Przedsiebiorstwo Handlu Zagranicznego Baltona S.A. (WSE:BAL) from Flemingo International (Bvi) Ltd. in June 2019. P.P. Porty Lotnicze signed an Investment Agreement to acquire 80.7% stake in Przedsiebiorstwo Handlu Zagranicznego Baltona S.A. from Flemingo International (Bvi) Ltd on October 8, 2019. Under the agreement, Flemingo will subscribe to a public tender – to be launched by PPL in the next few days with the aim to acquire 100% of shares in Baltona. At the same time, PPL will buy two bond series issued by Baltona. These will provide funds for day-to-day operations, growth initiatives as well as refinancing of Baltona’s current banking facilities. Both the Investment Agreement and the public tender are subject to the approval of the Polish Office of Competition and Consumer Protection. As of February 24, 2020, Przedsiebiorstwo Handlu Zagranicznego Baltona S.A. has received approval from Polish Competition and Consumer Protection Office. P.P. Porty Lotnicze completed the acquisition of 80.7% stake in Przedsiebiorstwo Handlu Zagranicznego Baltona S.A. (WSE:BAL) from Flemingo International (Bvi) Ltd. on April 21, 2020.