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Kompania Weglowa to Benefit zl.600 Million from Sector Merger

Five coal companies, Bytom, Gliwice, Rybnik, Ruda and Nadwislanska - which since February manage no coal mines, will formally cease to exist within the next few months.

Their remaining assets will be transferred to Kompania Weglowa.

"Liquidation of these companies should be performed as soon as possible, because we are unnecessarily bearing the costs of paying their management and supervisory boards," said Andrzej Chwiluk, leader of the coal miners' labor union.

The transfer itself may prove to be complicated, as the companies hold stakes in over 150 other entities.

Based on an assessment of these assets, the capital of KW will increase from zl.962.4 million to zl.1.564 billion once the merger is completed.

(WBJ 22.iii.04)

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