Treasury to buy new Lotos shares

Poland’s State Treasury will take part in the upcoming PLN 1 billion share issue of oil firm Grupa Lotos, the company and the Treasury Ministry said in statements on Wednesday. The Treasury will provide no more than PLN 530 million, outside the scope of state aid. “Thanks to support from the treasury minister Grupa Lotos will start a investment that is crucial for its strategy in the production and trade segment,” said CEO Paweł Olechnowicz. “While acquiring new issue shares, the treasury minister will behave like a private investor,” said deputy minister Rafał Baniak. He stressed the profitability of the investment and the approval of a majority of other Grupa Lotos shareholders.