PGNiG ploughs on despite warning
Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) says it wants to list on the Warsaw bourse in June in a deal worth zł.1.5 billion.
However, the Treasury has signaled the company that it may have to postpone the IPO because of political uncertainty in the run-up to general elections, which are due by October.
PGNiG plans to use the capital raised on investment and debt restructuring
Earlier the company said that about two-thirds of the cash would be earmarked for investment projects, including developing storage and links with Western Europe, while one-third will be spent to restructure the company's debts, which stand at roughly zł.4 billion.
After the sale of new shares, the government may offer part of its stake, reducing its holding to 51 percent.
PGNiG commands about 97 percent of Poland's gas market, with 2004 sales of 13.4 billion cubic meters, including 8.4 billion from Russia or former Soviet countries whose pipelines run through Russia.
According to preliminary unconsolidated results, PGNiG's net profit reached zł.860 million in 2004, on sales of nearly zł.10 billion.
However, the Treasury has signaled the company that it may have to postpone the IPO because of political uncertainty in the run-up to general elections, which are due by October.
PGNiG plans to use the capital raised on investment and debt restructuring
Earlier the company said that about two-thirds of the cash would be earmarked for investment projects, including developing storage and links with Western Europe, while one-third will be spent to restructure the company's debts, which stand at roughly zł.4 billion.
After the sale of new shares, the government may offer part of its stake, reducing its holding to 51 percent.
PGNiG commands about 97 percent of Poland's gas market, with 2004 sales of 13.4 billion cubic meters, including 8.4 billion from Russia or former Soviet countries whose pipelines run through Russia.
According to preliminary unconsolidated results, PGNiG's net profit reached zł.860 million in 2004, on sales of nearly zł.10 billion.
