PGNiG names its price as its D-Day on the bourse looms

The company hopes it will collect zł.2.2-2.7 billion from the floor for the stock worth zł.900 million, while initially the management was hoping to raise zł.1.5 billion. "The offer seems interesting. The valuation is due to concluded restructuring, a good situation on the market and high gas prices," said Jacek Socha, Treasury Minister. The natural gas giant needs capital for carrying out investment projects, which are currently worth roughly zł.17 billion. PGNiG will invest both in the country and abroad to ensure the price stability of gas deliveries and to diversify its sources. Between 2005 and 2008 the company intends to designate zł.992 million for the extraction of natural gas and zł.954 million for transfer infrastructure investment. (Puls Biznesu, pp. 1, 10, Parkiet, p. 1) M.M.