Poland plans to introduce preferred shares for Energa power
September 4, 2013
Poland’s Treasury will seek changing the statutes of its fourth-largest power utility Energa in such way as to turn 35% of company shares into preferred ones, as the country seeks flexibility in the size of a stake offered in upcoming IPO, deputy Treasury Minister Pawel Tamborski said on Tuesday.
The Treasury currently owns 85% of shares in Energa. Draft resolutions to the company’s general meeting show that the Treasury wants to make 35% of shares privileged by 2:1 in voting rights, to retain control of over 50% of votes even if it decides to sell remaining 50% of shares it owns.
The sale of Energa shares is part of this year’s state-asset sale plan to raise PLN 5 billion zloty to help finance the budget deficit. The Treasury raised PLN 1.88 billion by the end of July, according to the ministry’s website.
The Treasury will not seek dividend from the company ahead of IPO, contrary to earlier signals, Tamborski said.