Poland: Grupa Lotos fuel company to be listed in June

APA - Austria Presse Agentur
29-04-2005, 13:34

Warsaw (Puls Biznesu) – Yesterday, Poland’s security and exchange commission KPWiG allowed Grupa Lotos fuel company to be listed in the stock market. According to plans of Poland’s second largest fuel firm, on May 13th, the price range will be published and subscription will take place between 16th and 30th of May. The first listing should be conducted on June 10th.

Warsaw (Puls Biznesu) – Yesterday, Poland’s security and exchange commission KPWiG allowed Grupa Lotos fuel company to be listed in the stock market. According to plans of Poland’s second largest fuel firm, on May 13th, the price range will be published and subscription will take place between 16th and 30th of May. The first listing should be conducted on June 10th.

Grupa Lotos wants to raise PLN 900 m (EUR 210.5 m) from the IPO, the shares constituting 30 percent of raised capital. Part of shares already held are to be sold by Nafta Polska. Most probably, 49 percent of Grupa Lotos shares will be sold to investors while a 51 percent stake will be left in the Treasury. The company plans to buy from the Treasury three refineries and Petrobaltic. The group, which today has 5-6 percent market share in Poland’s fuel sales, wants to invest in gas stations and capacity.

‘We must set the price so that investors accept it and that we can finance Grupa Lotos further development with those funds’, Pawel Olechnowicz, Grupa Lotos CEO said. Analysts believe the offer will be successful. ‘We have worse moods in the stock market today but it does not mean bullish moods in two weeks’ time. There should be no problem with Lotos offer’, Sebastian Slomka, the head of analyses department in BDM PKO BP commented. ‘Pension funds are of course interested in Lotos. There should be no problem with placing the whole issue’, Grzegorz Zatryb, deputy CEO of Skarbiec-Emerytura pension fund said.

‘In a way, buying Lotos shares will decrease the interest in PKN Orlen’s shares’, Sebastian Boguslawski, managing Pekao OFE added. PKN Orlen is the biggest listed fuel company today. Hungarian MOL is the other possibility for Polish investors. Lotos IPO will allow them to diversify their portfolios as far as fuel sector is concerned.

(PLN 1 = EUR 0.234)

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