Locked content PGG to be turned into joint-stock company in 2018

State-owned miner Polska Grupa Górnicza (PGG), will become a joint-stock company at the beginning of 2018, the company said in a statement. It currently operates as a limited liability company. The decision was approved by all of the PGG shareholders and proper motion has been filed in registry cour...

Locked content PGG not to meet 2017 production target – Tchórzewski

Poland’s largest coal miner, state-owned Polska Grupa Górnicza will likely fail to meet its production target for this year set at 32 million metric tons. However, it should exceed the 30 million tons mark. “Daily output is growing, I think the output will exceed 30 mln tons, but hard to say h...

Locked content PGG with PLN 8 mln net profit in H1

State-owned coal miner Polska Grupa Górnicza (PGG) had a PLN 8 million net profit in the first half of 2017. The company had PLN 83 million net profit, which was offset by the assets acquired from the Katowicki Holding Węglowy (KHW) which came in with PLN 75 million loss. The EBIDTA result for the e...

Locked content PGG with PLN 1.217 bln bond issue

Coal producer Polska Grupa Górnicza (PGG) has issued bonds worth PLN 1.217 billion. The funds will be used to pay off the debt of the recently acquired Katowicki Holding Węglowy (KHW). The bonds have been sold in three tranches, with the longest maturity in 2028. Terms of the issue include a signifi...

Locked content PGG not interested in IPO at this moment – CEO

State-owned coal producer Polska Grupa Górnicza (PGG) is focusing to optimize its operations, and is postponing IPO for a later date, company’s CEO Tomasz Rogala said. “IPO is in the plans, however we’re focusing on other things at this moment. Floating on the WSE will be the next step,”...

Locked content PGG expects ‘high’ profit this year

State-owned coal miner Polska Grupa Górnicza (PGG) hopes that this year it will reach a “high” profit for the year, CEO Tomasz Rogala told Radio Piekary. “The minimum goal is not to post a loss, as we should remember that KHW was taken over in a difficult situation,” Rogala said. “But we...

Locked content PGG to be listed on the WSE soon

Wojciech Dąbrowski, CEO of PGNiG Termika, said that works on PGG IPO will start “in the coming months.” He also added that he hopes PGNiG investment in the company will be a profitable one. “We hope to get our investment back after few years,” Dąbrowski explained. PGNiG capitalized the enlarged Pols...

Locked content PGG-KHW merger goes through. Secures PLN 1 bln financing

The merger of Polska Grupa Górnicza (PGG) with Katowicki Holding Węglowy (KHW) has been completed, Poland’s ministry of energy said. The decision has been approved by Poland’s antitrust watchdog UOKiK. The government has also finalized agreements with PGG-KHW creditors regarding suspendi...