Warsaw (Puls Biznesu) – Elektrim may finally focus on what every company should do: earn money. The first details are already known.
Elektrim paid back its bondholders. Last Thursday, the company received EUR 525m from Deutsche Telekom (DT) as part of the settlement for a 48 percent stake in PTC, the Polish mobile operator. This day, the money was transferred to London where the account of bondholders is located. Elektrim paid back its debts. On Friday, the court ended the bankruptcy proceedings. DT was supposed to pay EUR 604m for its stake in PTC.
“Let’s not talk about it today”, Piotr Nurowski, Elektrim CEO said.
PAK, the group of power plants, seems to be the only asset Elektrim may develop. According to unofficial sources, Zygmunt Solorz-Zak, the main shareholder of Elektrim, has a 40 percent stake in PAK. When will the power plants come back to Elektrim?
“I’d rather not talk about it now. We are waiting for the Ministry of the Treasure to do what it promised in the agreements”, Piotr Nurowski added.
There is a conflict with PAK’s second main shareholder – the Ministry of the Treasure. Zygmunt Solorz-Zak demands to be sold another stake in PAK. The Ministry is delaying its decisions.
Port Praski, the harbor in the center of Warsaw, is another asset of Elektrim. The company received 36 ha of land from the city as part of the payment when one of the bridges was built.
“We have had other problems but we think about it. Works will be started soon jointly with the city. We will want to start them alone but we may look for a partner”, Piotr Nurowski said.
According to plans revealed by the press, 4,000-5,000 flats would be built there and 100,000 square meters of commercial surface. The lot is worth over PLN 100m (EUR 25.8m).
Rafako, a company with PLN 700m of capitalization (more than Elektrim’s) is another asset in the company’s portfolio. Rafako has been developing in recent years.
“There’s no need to sell it although we would easily find a buyer. We have to think what to do next. We may issue shares. I would like Rafako to be the leader not only in boilers. I’d like it to develop its repairing and construction operations”, Piotr Nurowski stressed.
Rafako is soon going to announce an acquisition which would increase its sales by 100 percent. Several days ago, Czech Wood Company published a recommendation for Rafako with PLN 50 as the target price while the stock traded at PLN 41 last Friday.
(PLN 1 = EUR 0.258)