Enea, Energa, PGE and PGNiG subscribed for shares in Polimex-Mostostal

Enea, Energa, PGE and PGNiG Technologie took up the shares in Polimex-Mostostal after satisfaction by the company of conditions precedent provided for in the investment agreement of 18 January 2017.

Polimex-Mostostal holds the largest, over 23 per cent, share in the implementation of core projects in the conventional energy sector. Due to this fact, the company is present in contractor consortia of the largest energy related investments in Poland, whose cumulative budget is ca. PLN 30 billion.

Subscription by the energy groups for shares in Polimex-Mostostal is a strategic investment as regards the Polish energy security. It is especially important in the light of a high utilisation level of the production capacities and necessity of a gradual removal of outdated power units from service, and also a foreseeable further growth in the domestic demand for electricity.

The conduct of the investment programme which will guarantee the reconstruction or modernisation of energy capacities in Poland, is currently one of the key challenges in the energy sector. One of the strategic initiatives, which is to favour the implementation of the above mentioned goal, is the equity involvement of energy groups in one of the contractor companies. The initiative relates to the equity involvement in a large, integrated EPC enterprise (Engineering, Procurement and Construction), holding substantial experience in the currently realised large energy projects. It will enable e.g. limitation of risks related to the present or future energy investments.

Polimex-Mostostal holds the potential for the operation and development as an EPC company, and such a formula applies to most of the investments conducted currently in the Polish energy sector. Possibilities for the establishment and management of the consortium by the realisation of significant projects, develop a growth potential as regards the value of the company in the future, especially in the perspective of the national energy security enhancement plan.

A condition for utilising the possibilities held by Polimex-Mostostal is the development of new and extension of the existing competences, in particular as regards designing, cost estimation and management of large projects.

Taking into account the implementation of numerous investments and specialist staff with experience in managing large projects, the investors have an ability to competence-support Polimex-Mostostal in the said areas. It should additionally strengthen the company’s potential and competitiveness on the implementation of important investments in the energy sector.

Enea, Energa, PGE and PGNiG Technologie took up cumulatively 150 million, i.e. 37.5 million shares in Polimex-Mostostal each as part of the planned capital raising. The issue price per share was set at PLN 2.  As a consequence of recapitalisation and redemption of the shareholding in SPV Operator the investors subscribed for a total of 65.9 per cent of shares (complaint with the new shareholding structure).