LOT to land on bourse
The Treasury Ministry, the receivers of Swissair and PLL LOT management have announced that they have come to an agreement on an initial public offering (IPO) of the national airline's shares, that will lead to its listing on the WSE in the second quarter of 2006, despite earlier announcements that the debut was planned for the first quarter of next year.
"Today the company, the State Treasury and the syndicate [that controls Swissair's assets] signed an agreement to work together toward a listing of the company," chief executive Marek Grabarek told a news conference.
"In the second quarter of 2006, LOT will already be a public company," he added. A 25 percent stake in LOT was sold to Swissair before that carrier went bankrupt in 2001.
Grabarek also said that ING and JP Morgan Chase & Co. had been shortlisted to advise on the offer, and would make its final decision next week.
LOT's president also confirmed earlier statements that shares owned by the syndicate will be listed, along with newly issued shares. The Polish government will retain control of the firm. Grabarek said LOT posted net earnings of zł.72.6 million in the first half of this year, up zł.9.8 million on the same period last year. (Reuters)
"Today the company, the State Treasury and the syndicate [that controls Swissair's assets] signed an agreement to work together toward a listing of the company," chief executive Marek Grabarek told a news conference.
"In the second quarter of 2006, LOT will already be a public company," he added. A 25 percent stake in LOT was sold to Swissair before that carrier went bankrupt in 2001.
Grabarek also said that ING and JP Morgan Chase & Co. had been shortlisted to advise on the offer, and would make its final decision next week.
LOT's president also confirmed earlier statements that shares owned by the syndicate will be listed, along with newly issued shares. The Polish government will retain control of the firm. Grabarek said LOT posted net earnings of zł.72.6 million in the first half of this year, up zł.9.8 million on the same period last year. (Reuters)
