Masterplast Plc. has informed investors on the website of the Budapest Stock Exchange that its subsidiary, Masterplast Hungária Ltd. concluded a contract on September 19 with the energy trade firm MVM Next Energiakereskedelmi Plc. with a term of more than 10 years on "the transfer of certified energy savings under a framework agreement”.
Under the contract, Masterplast Hungária Ltd., as the Seller, is entitled and obliged to sell to MVM Next Energiakereskedelmi Plc., as the Buyer the Certified Energy Savings (HEM), as a limited marketable asset right pursuant to Section 15/B (3) of Act LVII of 2015 on Energy Efficiency based on individual order of the Buyer, in accordance with the terms and conditions set out in the contract and the individual order.
Based on the agreement between the parties, MVM Next Energiakereskedelmi Plc. is entitled to purchase HEM from Masterplast Hungária Ltd. in the amount of approximately HUF 18 billion during the entire period mentioned above.
The framework agreement provides the basis for the implementation of a comprehensive insulation program, which is new in Hungary, under which the Company provides free insulation material for building renovations included in the program. The initiative targets attic ceiling and facade insulation programs, thereby promoting increased energy efficiency in Hungary and savings for the population.
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