Privatization of coal mine in doubt after investor flees

According to Puls Biznesu, Zbigniew Jakubas is withdrawing his support from Management Bogdanka's effort to invest in the Lubelski Wegiel Bogdanka hard coal mine near Lublin. Under the initial proposal Jakubas, owner of the Multico Group, was to provide zl.28 million from his own resources to partially fund the investment in the mine. In return he would acquire a 70% stake in Management Bogdanka. The company, however, is said to still be interested in investing in the mine and is looking for other investors without Jakubas. Management Bogdanka will need zl. 125 million in order to purchase a 45% stake in the mine. The company's president, Marek Chagowski, says that the company has entered talks with several possible investors, including the Polaniec and Kozienice power plants and three banks: Pekao S.A., BRE and PBK. (Puls Biznesu, p. 9) P.W.