Polimex-Mostostal announced major issuing of shares

Poland's largest energy companies have moved to acquire a large stake in giant construction and engineering firm Polimex-Mostostal. PGE, Enea, Energa and PGNiG signed a letter of intent with Polimex-Mostostal for potential investment in the company of 150 million shares and the latter's shareholders will go ahead with a decision on the investment this week, the company announced in a press release on Tuesday. PGE, Enea, Energa and PGNiG sent a request for consent to the acquisition by investors of joint control of Polimex to the Office of Competition and Consumer Protection (UOKiK). Earlier talks were held on the potential amount of capital engagement by the group in Polimex. The 150 million shares were said to exclude the subscription rights of the existing shareholders, which is dictated by the current financial needs of the company and also on guarantees of implementing construction contracts. Polimex-Mostostal reportedly had PLN 2.55 billion in consolidated revenue in 2015.