Lotos EGM approves PLN 1 bln share issue

The shareholders of Grupa Lotos, a Polish oil concern, have decided at an EGM about the rights issue of additional 55 million shares for the company’s shareholders, the company said on Monday. The issue should guarantee proceeds of PLN 1 billion. The shares will be issued by means of a closed subscription on November 18, 2014. Lotos added that the money will be utilized to support further investments. The investments shall increase the company refineries’ complexity and oil output. UPDATE: Poland's Treasury Ministry said later on Monday that it would participate in the share issue. "Our priority and duty as an owner is to continuously build the value of state-controlled companies," Deputy Treasury Minister was quoted as saying.