PGNiG gets its gas in September
The shareholders of natural- gas provider PGNiG have finally agreed to allow the company to debut on the bourse no later than September 23. The debut will comprise 900 million new shares, and will be worth around zł.1.5 billion. Share-price brackets will be announced on August 31, and subscription for individual investors will take place between September 1 and 9. The share price is expected to be announced on September 13.
Originally, company officials had hoped to float PGNiG on the WSE this summer, but that idea was scuttled by Finance Minister Jacek Socha, who feared a flood of new shares on the market while the privatization of oil group Lotos was taking place. Since the Ministry owns 100 percent of PGNiG, in the end, it was the Minister's decision to make.
"Thanks to the inflow from the issue, PGNiG will be able to increase domestic gas and oil output and gas storage capacity, which will lead to diversification of sources as well as an increase in energy security," said Socha after the meeting last week.
After the sale, the government will still maintain control over the company, with 72 percent of the capital and 75 percent of the votes at shareholders' meetings.
PGNIG posted a 23-percent rise in its second-quarter net profits to zł.569 million from the zł.432 million posted in the same period last year. Sales income grew 7.3 percent to zł.6.2 billion while EBIT rose to zł.5.2 from zł.4.8 billion in 2004. The company's outstanding debt fell by more than 95 percent to zł.192 million from zł.4.4 billion in Q2 last year. (Reuters)
Originally, company officials had hoped to float PGNiG on the WSE this summer, but that idea was scuttled by Finance Minister Jacek Socha, who feared a flood of new shares on the market while the privatization of oil group Lotos was taking place. Since the Ministry owns 100 percent of PGNiG, in the end, it was the Minister's decision to make.
"Thanks to the inflow from the issue, PGNiG will be able to increase domestic gas and oil output and gas storage capacity, which will lead to diversification of sources as well as an increase in energy security," said Socha after the meeting last week.
After the sale, the government will still maintain control over the company, with 72 percent of the capital and 75 percent of the votes at shareholders' meetings.
PGNIG posted a 23-percent rise in its second-quarter net profits to zł.569 million from the zł.432 million posted in the same period last year. Sales income grew 7.3 percent to zł.6.2 billion while EBIT rose to zł.5.2 from zł.4.8 billion in 2004. The company's outstanding debt fell by more than 95 percent to zł.192 million from zł.4.4 billion in Q2 last year. (Reuters)
