Lotos plans PLN 1 bln share issue

Poland’s second largest oil firm Grupa Lotos has announced plans to carry out a new share issue worth some PLN 1 billion. The transaction could be completed by the end of 2014, the group’s deputy CEO Mariusz Machajewski told the Polish Press Agency. “We are working on the issue prospectus. The funds will be spent on increasing the productivity of the Gdańsk refinery and on the growth of our own hydrocarbon extraction, especially on the Baltic Sea,” Machajewski said. Lotos will issue up to 55 million ordinary shares, with drawing rights for current shareholders. The company’s EGM is due to vote on the capital increase on September 8.