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Elektrim to buy PAK shares from Treasury Ministry?

Next week Elektrim is to offer to buy the Treasury Ministry’s 50% stake in Patnów-Adamów-Konin (PAK) power plant, according to reports in Puls Biznesu. The offer is in reaction to the Ministry's proposal to incorporate PAK into Poludniowy Koncern Energetyczny (PKE). Elektrim would pay the whole sum required in six installments to come, in part, from the sale of its shares in Megadex and Mostostal Warszawa.

The ambitious plan has already been dismissed by analysts as unrealistic, as many think Elektrim's creditors would not give the go-ahead to a release of funds for the purchase of PAK. According to company insiders, Elektrim authorities, who allegedly learned of the Ministry's plans for PAK from the press, are dissatisfied with the government's newly proposed energy sector restructuring plan. This information, however, has already been dismissed by Wojciech Jañczyk, the chairman of Elektrim. “It is not true that we learned about the ministry's plan from the press. We have even consulted with the Economy Ministry and the Treasury. We cannot rule out any possibility but for the time being we have insufficient information,” said Jañczyk. According to Elektrim, the company's response may come in the form of one of a number of options, but no details have yet been disclosed.

(WBJ 25.xi.02)

 
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