15.04.2011 PGNiG SA sells 4 million shares in Zakłady Azotowe w Tarnowie-Mościcach for PLN 148m
On April 15th 20011, Polskie Górnictwo Naftowe i Gazownictwo SA sold its entire equity interest in Zakłady Azotowe w Tarnowie-Mościcach for PLN 148m, or PLN 37 per share.
The sale transaction was carried out through an accelerated book-building process. PGNiG SA acquired the 10% stake (4 million plus one share) in Zakłady Azotowe w Tarnowie-Mościcach for the price of PLN 78m in the initial public offering in June 2008.
As the owner of the shares in Zakłady Azotowe w Tarnowie-Mościcach, PGNiG SA received dividends totalling PLN 4.08m.
Considering strong equity market performances and high valuations of companies from the chemicals sector, the divestment presents a unique opportunity to realise gains on the medium-term investment. The released funds will be applied towards investment processes at PGNiG SA designed to deliver the Group's strategic objectives in the power sector, and in particular towards future acquisitions.
Joanna Zakrzewska
Spokeperson PGNiG SA
