Company

The Company’s descriptio

Fabryka Samochodów Osobowych Spółka Akcyjna is an enterprise with a 60-year tradition. It was established on August 1, 1948, as the State-owned Enterprise under the name FSO, which was given the task to launch and run a passenger car factory in Warsaw. Start of production took place on November 6, 1951. Following liquidation of the State-owned Enterprise, in February 1995, a sole shareholder Treasury Corporation was established under the name FSO Motor, which in less than a month was accessed by a foreign investor. In March the company name was changed for Daewoo-FSO Motor Sp. z o.o., and in October 1999 the company was transformed into a joint stock company. In December 2003, the main shareholders of Daewoo Motor Co. and the State Treasury made a decision on swap of their liabilities into the Company’s equity. Daewoo Motor Co. resigned on its stocks’ voting rights, which means that all the stocks belonging to Daewoo became silent stocks. It was agreed also that the Korean owner would withdraw from management over the Company. Thus, the new Polish Management Board and Supervisory Board were appointed. On August 31, 2004, the General Shareholders’ Meeting decided on change of the Company name from Daewoo-FSO Motor S.A. for Fabryka Samochodów Osobowych Spółka Akcyjna. Fabryka Samochodów Osobowych S.A. is the joint stock company under the Polish law, and according to the Commercial Companies’ Code, it has the status of a legal person. Since 2007, the Company’s main shareholder is CJSC ZAZ.