PGNiG wants to spend funds from IPO to sell energy

APA - Austria Presse Agentur
opublikowano: 23-03-2005, 12:18

Warsaw (Puls Biznesu) – PGNiG, Poland’s gas monopoly, has a new logo. If in the second half of this year its owners agree, the company will also change its name. The new logo and name are to improve the image of the company which in June plans to enter the stock exchange. The company wants to produce energy, too. ‘Those plans are comprised in our issue prospectus.

Warsaw (Puls Biznesu) – PGNiG, Poland’s gas monopoly, has a new logo. If in the second half of this year its owners agree, the company will also change its name. The new logo and name are to improve the image of the company which in June plans to enter the stock exchange. The company wants to produce energy, too. ‘Those plans are comprised in our issue prospectus. We want our distribution companies to sell electric energy and heat. At first, we would like to have 1-2 percent of this market. Part of funds raised in the IPO will be spent on those investments’, Marek Kossowski, PGNiG’s CEO said.

Whether PGNiG is listed in June depends on the decision of Jacek Socha, the Minister of Treasury. On March 30th, general shareholders’ meeting should make decision. The company would like to submit its prospectus in the Securities and Exchange Commission on March 31st. ‘We are getting ready for an IPO in June – as the government strategy foresees. I have had no signals from the government that anything should change’, Marek Kossowski believed.

Shareholders’ decision will depend on the agreement of PGNiG’s bondholders to amortise its bonds. This decision will be made on March 29th. It should be positive. ‘Over 80 percent of bondholders as far as their number is concerned and 95.7 percent of bondholders as far as the bond value is concerned agree for PGNiG to buy out the bonds earlier’, Marek Kossowski explained. The buy out will improve the process of PGNiG’s restructuring consisting in transferring to the Treasury its subsidiary PGNiG Przesyl, gas transmission operator. This is the government’s condition to allow for the company’s IPO. In order to buy out EUR 679 m worth of bonds, the company has to borrow EUR 600 m from 12 banks.

Poland/Enterprises/Gas and Oil

 

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Podpis: APA - Austria Presse Agentur

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