PGNiG, Enea, Energa and PGE announced on Wednesday that conditional agreements were concluded for the sale to the State Treasury of the shares of Polska Grupa Górnicza held by them and their subsidiaries. The selling price of their blocks of shares is in each case PLN 1. The companies spent hundreds of millions of zlotys on the purchase of shares.
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As stated, the parties selling the contracts are: ECARB – a subsidiary of Energi, PGNiG Termika belonging to the PGNIG Group, PGE Górnictwo i Energetyka Konwencjonalna from the PGE group, Enea, PFR, Towarzystwo Finansowe Silesia and Węglokoks. The buyer is the State Treasury of the Republic of Poland.
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PGNiG, Enea, Energa and PGE informed that the selling price of their blocks of shares is in each case PLN 1. It has been stipulated that the ownership of PGG shares will be transferred to the State Treasury provided that the National Agricultural Support Center does not exercise its pre-emptive right, pursuant to the provisions of the Act on shaping the agricultural system.
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Sale of shares of Polska Grupa Górnicza
Under the agreement, PGE GiEK will sell 6 million shares, representing 15.32 percent. the share capital of PGG. As PGE recalled, in the last consolidated financial statements of the Group, the value of the investment in these shares is PLN 0. According to the company, therefore, the sale of PGG shares will not have a significant impact on the net result of the company and the PGE Group.
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The transaction is to be the next step in ordering the structures of companies participating in the process of creating the National Energy Security Agency – PGE emphasized. “The involvement of the State Treasury in directly ensuring energy security through the concentration of coal assets is the right direction and is consistently implemented,” said PGE President Wojciech Dąbrowski, quoted in the company’s announcement.
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Robert Tomaszewski from Polityka Insight pointed out in a Twitter entry that the PGE Group bought 6 million PGG shares for PLN 667 million. “1 zloty is left of that. It’s called the deal of life!” – wrote Tomaszewski.
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In February, “Rzeczpospolita” summed up the unsuccessful investment in PGG shares. “In the years 2016–2018 energy companies spent a total of PLN 2.3 billion for recapitalization of PGG, which is in a difficult financial situation, “the daily wrote. The PGNiG Group invested PLN 800 million in PGG shares through its subsidiary PGNiG Termika. The group has a 20.4% stake, PGE and Energa each own 15.3%. As Rzeczpospolita reminds us, the companies paid over PLN 600 million for their shares, while Enea owns 7.66% of the shares, which were bought for PLN 300 million.
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Shares for PLN 1
Energa’s subsidiary of the PKN Orlen group – ECARB – is also to sell 6 million shares for a total price of PLN 1. Also in this case, the value of the shares in the last statement of the Energa Group was set at PLN 0, so the transaction is not expected to have a significant impact on the results. As emphasized by Energa, as a result of the sale of PGG shares, the company will no longer be the owner of the hard coal mining sector, which is consistent with the implementation of its strategic goals in the field of decarbonisation.
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PGNiG Termika is to sell 8 million shares, representing 20.43 percent. of the share capital of PGG, also for PLN 1. In the last consolidated financial statements of the PGNiG Group, the value of the investment was PLN 0. In this case, it was also indicated that the transaction would not have a significant impact on the results.
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Enea will sell 3 billion shares – 7.66 percent. of the share capital of PGG, also for PLN 1. In this case, the value of shares in Enea’s report was also set at PLN 0, and the transaction is not to have any impact on the results.
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photo-source">Main photo source: pgg.pl
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