Coverage of high-potential mid-market firms in Poland

Advisory article

Polish coal trader Weglokoks sees IPO raising $161m

TAG'S: Energy

Poland`s top coal trader Weglokoks expects its initial public offering (IPO) planned for the fourth quarter to involve the sale of 500 million zlotys ($160.6 million) worth of stock, the company`s deputy chief executive said on Tuesday. If listed, 100 percent state-owned Weglokoks would join coking coal producer Jastrzebska Spolka Weglowa and miner Bogdanka on the Warsaw stock exchange. "If market conditions allow, Weglokoks will aim with its offering for the fourth quarter," Wojciech Stepien told reporters. "As the management, we believe that it would be enough if a 20 to 40 percent stake went to (new) shareholders." In 2010, Weglokoks posted a net profit of 191 million zlotys on revenue that exceeded 3 billion. It expected to earn 500 million zlotys in 2011, largely thanks to one-off proceeds from the sale of its stake in cellphone operator Polkomtel. In the past two decades, Poland has struggled to make its ailing coal industry profitable, but an increase in global coal prices in the last two years has helped to make some of the sector`s restructured businesses more attractive to investors. JSW, Bogdanka and Weglokoks could be joined on the Warsaw bourse by the end of 2013 by the country`s largest coal companies, Kompania Weglowa and Katowicki Holding Weglowy, according to a plan set out by the Polish government on Tuesday.

2012-03-29



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