PGE, Energa and PGNiG to hold 17.1% stake each in coal unit PGG

Listed Polish power firms PGE and Energa, plus the power wing of natgas firm PGNiG will put their PLN 500 million in fresh capital into a restructured Polish coal group PGG through February 2017 and hold the stake for a likely 10 years minimum, the Polish Press Agency said. Each of the firms is contributing a total of PLN 500 million, some 20.6 percent apiece of a PLN 2.417 billion capitalization of the defunct Kompania Weglowa, Europe's largest coal mine. For their money, they will each end up with a 17.1 percent stake in the new entity. All parties are bound to remain as shareholders for ten years, or five years after the commercialization of PGG into a joint stock company, unless all shareholders can be convinced to agree to anyone's earlier exit.