EBRD to buy up to 7.5% of PKP Cargo logistics shares in IPO
October 10, 2013
The European Bank for Reconstruction and Development will buy an up to 7.5% stake in to-be-listed rail freight carrier PKP Cargo, the bank said on its website.
"Equity investment of up to 7.5% of the total number of shares in the share capital of the company, the exact number to be determined on subscription and subject to acceptable level of the share price and fulfillment of certain conditions precedent," EBRD wrote of its planned exposure.
Poland's national rail operator PKP is selling a 50% minus one share of its freight unit PKP Cargo in an IPO planned for October 31, in what is said to be one of the largest this year and what the deal's authors call the first of its kind for the industry in Europe.