Lotos looks forward to listing
Floatation of the country's second largest downstream oil company will probably be pushed back by two to three months from its initial target date to September next year.
Lotos' CEO Pawel Olechnowicz says the bourse move should increase the concern's value to zł.4 billion.
"The realistic date for Lotos Group's listing is now September 2005," said Olechnowicz .
He estimates that the new share issue will be worth of some zł.700 million.
"The delay of Lotos Group's debut date results from the pace of preparations for the concern's consolidation and of work on the group's strategy," said Krzysztof Zyndul, CEO of Nafta Polska, the State-Treasury-owned company that oversees restructuring and privatization of the fuel and chemical sectors.
The government program assumes that Lotos will go public after it incorporates three smaller oil refineries in Southern Poland, as well as the offshore oil exploration company, Petrobaltic.
Zyndul said, however, that it has still not been determined whether one of the three small refineries, Glimar, will be incorporated into Lotos.
It is estimated that Lotos Group's current value, taking into account Q1 results, is zł.2.9 billion.
This Monday, Lotos' privatization advisor is expected to present Nafta Polska with an evaluation of the company and details of how its public offer is to be structured.
Lotos' debut on the stock exchange may also be delayed because the Treasury wants it to take place only after the ministry regains control over the oil sea terminal operator Naftoport. (J.T., ISB)
Lotos' CEO Pawel Olechnowicz says the bourse move should increase the concern's value to zł.4 billion.
"The realistic date for Lotos Group's listing is now September 2005," said Olechnowicz .
He estimates that the new share issue will be worth of some zł.700 million.
"The delay of Lotos Group's debut date results from the pace of preparations for the concern's consolidation and of work on the group's strategy," said Krzysztof Zyndul, CEO of Nafta Polska, the State-Treasury-owned company that oversees restructuring and privatization of the fuel and chemical sectors.
The government program assumes that Lotos will go public after it incorporates three smaller oil refineries in Southern Poland, as well as the offshore oil exploration company, Petrobaltic.
Zyndul said, however, that it has still not been determined whether one of the three small refineries, Glimar, will be incorporated into Lotos.
It is estimated that Lotos Group's current value, taking into account Q1 results, is zł.2.9 billion.
This Monday, Lotos' privatization advisor is expected to present Nafta Polska with an evaluation of the company and details of how its public offer is to be structured.
Lotos' debut on the stock exchange may also be delayed because the Treasury wants it to take place only after the ministry regains control over the oil sea terminal operator Naftoport. (J.T., ISB)
