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Subscription for shares of ZE PAK begins
The initial public offering of the shares of Zespół Elektrowni Pątnów-Adamów-Konin S.A.
Zespół Elektrowni Pątnów-Adamów-Konin S.A., the second Polish provider of electric power generated from brown coal and the fifth Polish provider of electricity as far as installed generation capacity and the amount of electricity produced are concerned, published the prospectus associated with the initial public offering of shares and the application for admittance and introduction of shares to trading in the regulated market operated by Giełda Papierow Wartościowych w Warszawie S.A. [Warsaw Stock Exchange]. Tomorrow, on October 11, subscription for individual investors shall begin.
As part of the offering the largest shareholder of the company, the State Treasury, plans to sell shares representing 50% of the share capital of ZE PAK (up to 26,013,000 shares).
Individual investors may subscribe for shares between October 11 - 19, 2012 in brokerage offices across Poland. Subscription will be registered at the maximum price which was set at the level of 33 PLN (say: thirty three zloty).
The long process of preparing the Company for a public offering has come to an end – for us it has been a period of restructuring, which transformed ZE PAK into a profitable enterprise. That process was also associated with extensive investment in new technologies which now enable us to meet the requirements of environmental protection law, this was a time of successful acquisitions – acquiring two brown coal mines in Adamów and Konin, said Katarzyna Muszkat, the President of the Management Board of ZE PAK. Now we are at the beginning of a new road which we will tread as a modern, and most of all, a public company.
This is the first stock exchange market debut this year involving a company with the participation of the State Treasury. This public offering on the Warsaw Stock Exchange ends one of the longest processes in the history of Polish privatization, said Mikołaj Budzanowski, the Minister of the State Treasury.. Once again we enable investors, including individual investors, to take part in a large-scale privatization in the power industry, as part of our Public Shareholding program.