Elektrim wants to buy more PAK shares, the ministry analyses

APA - Austria Presse Agentur
opublikowano: 19-03-2006, 21:50

(Puls Biznesu) – The Ministry of the Treasure confirmed that it received Elektrim’s apply to buy more PAK stake. It will analyze its obligations before it makes decision.

(Puls Biznesu) – The Ministry of the Treasure confirmed that it received Elektrim’s apply to buy more PAK stake. It will analyze its obligations before it makes decision.

The ministry admitted that it received the application from the investor to buy more shares of PAK power plants. The application was sent from Elektrim, whose main shareholder is Zygmunt Solorz-Zak. The businessman controls PAK via Polskie Inwestycje company.

„Elektrim does not specify the stake it wants to buy nor the price”, the Ministry of the Treasure said.

The Ministry said also that its obligations concerning how the remaining stake will be distributed are ruled by PAK privatization agreement.

“The obligations are being analyzed”, the Ministry said.

The privatization agreement was singed in 1999, the recent annexes were signed last year. Without doubt, the agreement was not advantageous to the state, which remained PAK’s biggest shareholder but allowed Elektrim to control the operations of the power plants. In result, the ministry cannot do anything with its 50 percent stake unless Elektrim approves of it. According to unofficial sources, the annex provides for the state to sell Elektrim all coal mines delivering to PAK.

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Podpis: APA - Austria Presse Agentur

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