Warsaw (Puls Biznesu) – Zygmunt Solorz, the owner of Polsat TV and the main shareholder in Elektrim, offered to lend EUR 100 m to PAK power plants controlled by Elektrim. The transaction will take place if the Treasury Ministry, PAK’s biggest shareholder, agrees.
Zygmunt Solorz would like the Treasury to postpone the deadline to finish investment in Patnow II unit, which is going to be financed from the money lent by him. Bank credits will amount to EUR 220 m and NFOS fund will lend EUR 50 m. ‘If works start in April, we will have finished 28 months later, i.e. in the second half of 2007. The deadline should be moved to the end of 2007’, Katarzyna Muszkat, PAK CEO said. The Treasury agrees but under one condition. ‘Our agreement should be the last element of financing, which means that the power plant has to sign credit agreements first or at the same time’, Dariusz Marzec, deputy Treasury Minster said.
The second issue is the way Polsat wants to finance the credit. First, Polasat is to take credits itself, by the way, in the same banks as PAK. Then, however, Zygmunt Solorz would like the financing to be turned into stock. Polsat offers PLN 88 (EUR 21.7) for one PAK’s share, while the Treasury Ministry hopes for PLN 139. Polsat bases on estimates made by Taurus company. Dariusz Marzec reminded that PAK has valuable assets, including 1000 MW power plant which is able to work for the next ten years.
(PLN 1 = EUR 0.247)Poland/Enterprises/Energy