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PKP Cargo IPO planned for late 2013
Polish railway operator PKP plans to list goods carrier PKP Cargo, which it co-owns with the government, by early next year.“We will chose advisers probably this week,” Jakub Karnowski told a news conference on Monday. “We want to sell as many shares as possible, but we want to keep a majority stake of 50 percent plus one share.”
Earlier this month, sources told Reuters that Poland was seeking advisers for PKP Cargo’s stock market floatation, with the initial public offering’s (IPO) value seen at around 500 million euros ($674 million).
PKP Cargo, one of the biggest goods carriers in the European Union, is 91 percent government-owned with PKP controlling the balance. It expects net profit to fall 15 percent in 2013 to 252 million zlotys ($81 million).
Karnowski also said the loss-making PKP, strapped for money to revamp infrastructure and cut debt, hoped to announce a buyer for its telecoms unit TK Telekom, valued at around 400 million zlotys, in the next two weeks. (Reuters)
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