Polish Railways sets share prices for cargo firm
PR dla Zagranicy
Nick Hodge
23.10.2013 14:06
Polish Railways has set the share prices for the initial public offering of its freight firm on the Warsaw Stock Exchange next week.
PKP Cargo: wikipedia
Individual shares in PKP Cargo have been priced at 68 zloty (16.3 euro), with some 20.926 million shares being released for the taking.
The overall value of shares due to be released on 30 October is 3 billion zloty (717.9 million euro).
PKP Cargo spokesman Mariusz Przybylski acknowledged in a press release that it will be “the largest IPO listing of the year in Poland.”
Polish Railways aims to sell a 50 percent stake in the cargo company to help reduce the group's overall debts, and back new investments.
The group unveiled privatisation plans – which encompass several of its companies - in November 2012, when debts were estimated at 4.3 billion zloty (1 billion euro).
The first sale to be made was that of its cable-car wing Polish Cable Lines (PKL), in May 2013.
Przybylski confirmed on Wednesday that 17.2 percent of the PKP Cargo shares due for sale will be made available to individual investors, who can purchase a maximum of 500 each. (nh)
Source: PAP