Węglokoks to branch into energy trading and equipment leasing activities

It now intends to enter the energy trading market through one of its subsidiaries, EGW. The management of the state-owned company has decided to acquire over 90% of shares in EGW, formerly known as Energo Gaz Węglokoks, which was formed in 1999 by Węglokoks, Bartimpex and PSE Elektra. Each of the investors received a 33% stake in the venture. "In the second half of last year we purchased Bartimpex's stake for a nominal price of zł. 300,000. Now we want to increase its capital," said Węglokoks deputy president Michał Sobel. Following the acquisition of the share issue, Węglokoks will control 90% of EGW, with the remaining stake in the hands of PSE Elektra. "Besides selling energy, the company also intends to lease machinery and mining equipment, as well as supply coal sector companies," added Sobel. (Puls Biznesu, p. 8) A.K.