Polish rail operator PKP to sell subsidiaries over debts
PR dla Zagranicy
Polish state rail operator PKP is aiming to sell subsidiary companies with the aim of paying off debts.
PKL - first to be sold? Photo - wikipedia
At present, PKP Group has a majority stake in, or 100 percent ownership of twenty companies, but by 2015, it aims for this number to be reduced to just five.
Chairman of PKP Jakub Karnowski hopes that the plan will cover debts to the level of 4.3 billion zloty (1 billion euro).
According to the Dziennik Gazeta Prawna daily, the first company that PKP hopes will go under the hammer is Polskie Koleje Linowe (PKL), which handles cable cars and funiculars.
An invitation to submit offers is expected from PKP later this month.
In the long term, the group aims to hold on to Polskie Linie Kolejowe (PLK), which deals with track maintenance, management of railway land and schedules train timetables, PKP Intercity, LHS (a freight company), as well as a 51 stake in PKP Cargo, and tourism company Natura Tour.
If the policy does not bear fruit swiftly enough, PKP will have to borrow money in 2014 to repay debts. (nh)