“Investments are planned in all power plants. The only provision is that the ownership structure is changed”, Katarzyna Muszkat, PAK cEO said.
Elektrim, PAK’s strategic investor, controls PAK but the ministry of the treasury still holds 50 percent of the shares. They have been in conflict for years. The ministry would like to get rid of Elektrim but Zygmunt Solorz-Zak, Elektrim’s owner, would like to buy the shares from the state and invite another investor to the company.
On June 23, a GSM will be held. Shareholders will evaluate the financial report. Then, an EGSM will be held.
“I will present three ways of financing to the owners. They will have to make decision”, Katarzyna Muszkat added.
As an alternative solution, the management will propose a bond issue. The preferred solution is a capital increase.
“We need PLN 3bn for the first stage of our investment program”, PAK CEO said.
In her opinion, there are numerous banks ready to loan capital but PAK needs 25-30 percent of its own funds. In case of the first stage of investment, it is PLN 1bn.
“We will ask to have the capital raised by EUR 100m. The rest of the funds may be provided by the power plant or from the investor”, she believed.