PKP Intercity (PKP IC) state-owned railway company will be transformed into stock company this year. The company should be listed in the first quarter of 2009 according to government plans. PKP IC shares may be divided into three groups. Two series would be listed. The first one, worth PLN 400m (EUR 106m), would be collected by the state to pay back the debts. The second issue worth PLN 400-500m would go to PKP IC.
The third stake would be left in the government’s hands. It couldn’t be sold immediately on the stock exchange. PKP IC is a potential target of numerous companies. It does not employ too many people, owns no redundant assets, has a sensible strategy and generates better and better results. The management has recently revised the forecast up after the company had met full-year’s plans in the first half of the year. Today, the company plans to raise PLN 55m of net income against PLN 30m planned before.
The size of the company and the value of planned issues suggest that PKP IC may become WIG20 index member. The plans, however, may fail if politicians change their mind. The former government had also attempted to list the railway company – without success. PKP IC listing in 2009 would happen in the eleventh hour. The European Commission would like to fully liberalize the passenger railway transport in 2010.