Investors reap rewards of well-fancied PGNiG stock

The concern sold 900 million shares at the maximum price of zł.2.98. Even before trading began it was obvious that investors would be able to make a profit on the company's debut. According to Paweł Kubiak from DM BZ WBK brokerage house, the high price was a result of a very large demand for the shares among institutional investors, both foreign and domestic. During the Friday session as many as 213.8 million shares of PGNiG changed hands. The value of the turnover amounted to zł.1.7 billion. Those who subscribed for the maximum possible number of the concern's shares in the first deadline earned more than zł.10,000 net. PGNiG collected zł.2.7 billion during the issue, compared to the previously projected zł.1.5 billion. According to the company's president, Marek Kossowski, the money will enable the firm to finance planned investments. The company wants to increase the extraction of domestic gas, which is much cheaper than foreign resources. (Parkiet, Sept. 24-25, pp. 1, 2, 3) A.F.