The Ministry of the Treasure (MSP) is surprised with the sudden change of Elektrim’s position as far as the ownership structure of PAK power plants is concerned.
“If Elektrim considers staying the shareholder of PAK, I don’t understand the change”, Michal Krupinski, the deputy Minister of the Treasure said.
Only recently, Zygmunt Solorz-Zak, Elektrim main shareholder, said that the company would no longer fight for the stake in the power plants and would let the state regain them. He was talking about repayment of funds invested by Elektrim but he also considered selling the shares to a state owned enterprise which would substitute Elektrim as investor. Now that KGHM copper producer said it was interested in PAK, Elektrim is not so eager to sell its stake. It proposed that unless the state wants to pay back the investment costs, it should sell its shares and let a second investor into PAK. Elektrim would reach agreement with the new investor as far as the control of the power group is concerned.
“This is not exactly the solution we wanted to reach. We want one credible investor to be responsible for PAK because this is the best thing for the company”, Michal Krupinski said.
He adds that it would be very difficult to pay back Elektrim’s spending.
“The Minister of the Treasure has no way to finance such an operation”, he explained.
According to “PB” sources, Elektrim promotes the idea because of taxes. If it sold its stake, it would have to pay tax. It may also be part of the negotiation game. The company may be trying to get a higher price for its shares.
MSP says that unless agreement is reached, it will consider to sell the mines working for PAK to one of state-owned energy groups.
