PGNiG's debut postponed due to "political tensions"

The decision was motivated by "unfavorable market conditions and "political tensions around the company." Socha declared that he has not abandoned the idea of PGNiG's privatization but he is looking for the best date for the company's IPO. "It is difficult for me to predict whether it will be before or after the September parliamentary election. It is important that the company's issue prospectus is prepared according to the EU regulations which will enter into force on July 1. So the company is ready for a debut," stated Socha. He added that the IPO should be managed by PGNiG president Marek Kossowski, since he knows the project best. Kossowski admitted that the postponement of the issue complicates the company's investment plans. "Each month of postponement delays the implementation of projects and weakens our position," he declared. However, analysts positively assessed the decision pointing to the fact that the condition of capital market is expected to improve by autumn, which may translate into a better issue price of PGNiG shares. (Parkiet, p. 1; Puls Biznesu, pp. 1, 13) E.B.