PGNiG, Enea, Energa and PGE announced on Wednesday that conditional agreements have been entered into for the sale of shares of its subsidiary Polska Grupa Górnicza and its subsidiaries to the state treasury. The selling price of their stock blocks is in each case PLN 1. Companies have spent hundreds of millions of zlotys on the purchase of shares.
As mentioned, the parties selling the contracts are: ECARB – a subsidiary of Energi, PGNiG Termika of the PGNIG Group, PGE Górnictwo i Energetyka Konwencjonalna of the PGE Group, Enea, PFR, Towarzystwo Finansowe Silesia and Węgloks. The buyer is the State Treasury of the Republic of Poland.
This was reported by PGNiG, Enea, Energa and PGE The sale price of their stock blocks in each case is PLN 1. It has been stipulated that the ownership of the shares of PGG will pass to the state treasury provided that the National Agricultural Support Center does not exercise its precautionary right, in accordance with the provisions of the Agricultural System Formation Act.
Selling shares of Polska Grupa Górnicza
Under the agreement, PGE GiEK will sell 6 million shares representing 15.32%. PGG’s share capital. As indicated by the company, in the last consolidated financial statements of the group, the investment value in these shares is PLN 0. According to the company, the sale of PGG shares will not have a significant impact on the net result of the company and the PGE group.
The deal will be the next step in ordering corporate structures involved in the process of creating the National Energy Security Agency – PGE stressed. “The involvement of the state treasury in ensuring energy security directly through the concentration of coal assets is the right direction and is being carried out consistently,” said PGE President Wojciech Dąbrowski, in the company’s announcement.
Robert Tomaszewski of Polityka Insight noted in a tweet on Twitter that PGE bought 6 million shares of PGG for 667 million PLN. “1 zloty left of it. It’s called the bargain of life!” – Tomaszewski Books.
In February, “Rzeczpospolita” summarized the unsuccessful investment in PGG shares. In the years from 2016 to 2018 Energy companies spent a total of 2.3 billion PLN To recapitalize PGG, which is going through a difficult financial situation, ”the daily wrote. PGNiG Group has invested 800 million PLN in PGG shares through its subsidiary PGNiG Termika. The group owns a 20.4% stake, both PGE and Energa 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 purchased for PLN 300 million.
Stocks for PLN 1
PKN Orlen Group’s Energa subsidiary – ECARB – will sell 6 million shares at a total price of PLN 1. Also in this case, the value of the shares in Energa Group’s last statement was set at PLN 0, so the transaction is not expected to have a significant impact on results . Energa also confirmed that, as a result of the sale of PGG shares, the company will not be the owner of the hard coal mining segment, which is consistent with the implementation of its strategic goals in the field of decarbonization.
PGNiG Termika is set to sell 8 million shares, representing 20.43%. From the capital of PGG, as well as 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.
Enea will sell 3 billion shares – 7.66 percent. From the capital of PGG, as well as PLN 1. In this case, the value of the shares in the Enea report is also set at PLN 0, and the transaction will have no effect on the results.
Main image source: pgg.pl
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