State Treasury to take over Europe's biggest coal miner
Poland's State Treasury will buy out shares in the Polish Mining Group (PGG), Europe's biggest coal mining conglomerate, from four shareholders in which the Treasury has stakes.
The State Treasury will buy 20.43 percent of shares in PGG from PGNiG Termika, 15.32 percent of shares from PGE Gornictwo i Energetyka Konwencjonalna, 7.66 percent from Enea, and 15.32 percent from Ecarb, a subsidiary of Enea.
The Treasury will pay PLN 1 (EUR 0.21) to each of the sellers for their stakes in PGG.
In the case of PGNiG, Energa, Enea and PGE, the transaction will not impact their net results since in their financial reports of March 31, 2022, they reported the value of their investments in PGG at PLN 0.
The other three shareholders include the Polish Development Fund, Towarzystwo Finansowe Silesia and Weglokoks. The State Treasury holds stakes in all three of them as well.
"The transaction is yet another step in reorganising the structure of companies taking part in the creation process of a National Agency for Energy Security," PGE said in a statement on Wednesday.
"The involvement of the State Treasury in direct provision of energy security through concentration of coal assets is the right policy which is consistently pursued," PGE CEO Wojciech Dabrowski was quoted as saying in the company's press release.
The transaction will take place provided that the National Support Centre for Agriculture (KOWR) waives its pre-emptive right to buy PGG shares.