LOT flag carrier to inject fresh capital into Centralwings subsidiary

MG
22-11-2007, 10:57

Warsaw (Puls Biznesu) – Poland’s flag carrier wants to inject capital into its subsidiary and waits for the decision of the government about how the bankruptcy officer could sell its stock.

 

LOT flag carrier is implementing its strategy. The airline wants to inject capital into its subsidiary, the low cost carrier Centralwings offering also charter flights.

“This is one of the points of the EGSM. We want to raise the company’s capital by PLN 40m (EUR 10.8m)”, Rafal Pasieka, LOT chairman of the supervisory board said.

Previous CEO of LOT proposed to raise Centralwings’s capital by at least PLN 50m because the company has over PLN 70m of debts. Today, it’s capital amounts to PLN 0.5m.

 

In the future, LOT would like to financially support its casino network Casinos Poland. LOT has one third of shares, the remaining stakes belong to PPL, Polish Airports and Casinos Austria. Each of the shareholders would bring PLN 10m into the company.

“We would first like to thoroughly restructure the company and then sell the stake at a good price”, Rafal Pasieka said.

He likes the idea of Totalizator, Polish state-controlled gambling company, which is interested in acquiring a majority stake from PPL.

 

The EGSM to be held on November 30th, will also approve of the management’s position to list LOT.

“The issue is planned in June 2008. Swissair bankruptcy officer wants to have a clear answer whether his stake will get diluted or not. It will be key decision whether a new issue is being conducted at the IPO or not”, Rafal Pasieka stressed.

(PLN 1 = EUR 0.271)

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