Warsaw (Puls Biznesu) – The Treasury Ministry and Zygmunt Solorz, the owner of Polsat TV and main shareholder in Elektrim, have only one week to decide on raising capital in PAK power plants. Next Monday, PAK shareholders’ meeting will be held to decide on the capital injection from Polsat group.
‘It is vital that we achieve agreement regulating all key parameters of the transaction. How many shares and at what price should be sold, and when and on what conditions state mines may be merged with PAK’, Dariusz Marzec, deputy Treasury Minister said. In his opinion, the mines may be joined with the power plants after Polsat gives them money for modernisation and investment. ‘We will have funds for two projects from increasing PAK’s capitalisation. Zygmunt Solorz promised EUR 200 m. Three banks agreed to give credits for one project. Money for the other one may be found in different sources’, Zygmunt Solorz said.
For the time being, he gave up presenting memoranda of PAK to foreign investors interested in the Polish power plants. ‘We are not in a hurry. First, the capital must be raised. Talks with investors will be the next stage’, Zygmunt Solorz explained. Czech CEZ, Spanish Iberdrola and Swedish Vattenfall said they were interested.
Poland/Enterprises/Energy