Warsaw (Puls Biznesu) – The Ministry of the Treasure agreed to convey JSW 11 percent of Przyjazn coke plant. This is part of preparations before the listing of the coal group.
The Ministry of the Treasure agreed to give 11 percent of Koksownia Przyjazn (KP) coke plant based in Dabrowa Gornicza to Jastrzebska Spolka Weglowa (JSW) coal group. The producer of coke coal will now have 99 percent of KP, which is one of the biggest coke producers in Poland. The Ministry is thus strengthening JSW before the privatization and listing on the Warsaw Stock Exchange planned in 2008. According to Daniel Ozon, JSW deputy CEO, prior to the transfer of the stake, an evaluation of the assets must be done. This process will last about 2 months. Then, KP would transform into a stock company. The state would get shares of JSW in exchange for KP stake.
However, JSW will not receive 73 percent stakes of Walbrzych and Zabrze coke plants from the state as planned before. The two companies will be merged and privatized on the stock exchange separately. JSW will instead receive KWK Budryk.
Meanwhile, KP is implementing its investment plan worth PLN 900m (EUR 232.3m). Edward Szlek, KW new CEO, plans to reduce costs and increase sales. According to preliminary data, the company had PLN 50m of net income in 2006 against PLN 1.5 billion of sales. It employs nearly 2,000 people, produces 2.4m tons of coke, which is mainly exported. KP has 24.5 percent of Polski Koks, the coke exporter.
(PLN 1 = EUR 0.258)