PGNiG approved to enter bourse, IPO expected in June

The public offer will most probably take place in June. "In case the situation is particularly unfavorable we might postpone the share issue until after the parliamentary elections," said the Treasury Minister Jacek Socha. PGNiG wants to collect about zł.1.5 billion from the issue. The company is going to issue 900 million C-series shares. Currently the firm's capital consists of 5 billion shares, all owned by the Treasury. The offer is going to be divided into three equal tranches for foreign investors, individual investors and domestic institutions. The money raised in the issue will be spent on repaying the company's debts, increasing the domestic extraction of gas from 4.1 billion cubic meters in 2003 to 5.5 billion in 2008, and the construction of an underground storehouse. PGNiG's Q1 revenues were zł.3.8 billion, and its net profit was zł.594.7 million. (Parkiet, p. 1) A.F.