As announced on Tuesday, May 20, 2025, Polska Grupa Militarna (PGM) and the Groupa Niewiadów (GN) signed an agreement with FORUM 119 Closed-End Investment Fund, part of the Fidera Group, to secure 250 million PLN in funding. The funds will be allocated to expanding production infrastructure and executing a strategic project in the defense sector.
Photos: Grupa Niewiadów
A key element of the financing is the issuance of 20 million Series K shares worth 100 million PLN, which will be approved at the Extraordinary General Meeting of PGM scheduled for May 26, 2025.
The remaining 150 million PLN will be provided through structured financing based on Zakłady Sprzętu Precyzyjnego Niewiadów (ZSP) and its subsidiary, EG Polska (EG).
The project involves strategic infrastructure investments, including the construction and implementation of a technologically advanced assembly line for 180,000 rounds of 155 mm artillery ammunition (Construction of a 155 mm ammunition factory in Niewiadów).
The parties have also expressed interest in the possibility of receiving a targeted subsidy from the Ministry of Development and Technology of up to 91.5 million PLN.
“The agreement with the Fidera fund is a key step in consolidating our production capabilities and strategically strengthening our position in the defense market. The exclusivity deadline for finalizing key documentation — June 10, 2025 — is ambitious, but with our full commitment, we believe it is achievable. Fidera brings valuable experience and professionalism to the project, which forms an important foundation for further negotiations,” said Grzegorz Niedzielski, CEO of Grupa Niewiadów and ZSP.
“With this transaction, we are strengthening our position as a leading provider of solutions for the defense sector in Poland. The partnership with Fidera enables us to pursue significant expansion and provides stable financing necessary for the execution of technologically advanced military projects,” said Radomir Woźniak, CEO of PGM.
Grupa Niewiadów is a recognized manufacturer and supplier of precision equipment and products for both the military and civilian sectors, headquartered in Warsaw. The company has significant production capacity, encompassing advanced technologies and extensive operational experience.
Polska Grupa Militarna (PGM) is a publicly listed company on the Warsaw Stock Exchange, specializing in delivering comprehensive technological and product solutions for the defense and arms industry. PGM is actively engaged in both domestic and international markets, offering modern military technologies.
FORUM 119 is a closed-end investment fund specializing in capital and strategic investments, including in the field of military technology and national security. The fund is part of the Fidera Group, a London-based capital group and a major investor in the Polish market.
Press release
Kompetencje Grupy NIEWIADÓW S.A. do budowy fabryki amunicji wielkokalibrowej 2/9.
2️⃣ Istniejąca infrastruktura (ok. 80 ha) – hale fabryczne, kompleks magazynów, bocznica kolejowa, poligon doświadczalny.
Tereny przemysłowe skupione wokół Grupy Niewiadów mają ogromy potencjał… pic.twitter.com/boxTCXdsJX
— Grupa NIEWIADÓW S.A. (@grupaniewiadow) May 5, 2025