Grupa Lotos launches PLN 995.5 mln SPO

Poland’s second-largest oil firm Grupa Lotos has published the prospectus for its PLN 995.5 million secondary public offering of shares. The company will carry out a rights issue of shares for the purpose of the SPO. The proceeds from the issue will be spent on two goals. One is the EFRA project, which involves the construction of a delayed coking unit with accompanying infrastructure. The second goal is the development of natural gas fields on the Baltic Sea. Subscriptions for the new shares will take place on November 20-28. The securities will be allocated on December 9. Poland’s State Treasury has already confirmed it would buy shares in the SPO, for a total amount of PLN 530 million. As a result it will maintain its share in Grupa Lotos at 53.19 percent.