On Tuesday, the State Treasury and Enea signed a preliminary agreement on the purchase by the State Treasury of all its shares in the Lubelski Węgiel Bogdanka coal mine – the Ministry of State Assets announced on Tuesday.
Enea has over 64 percent. Bogdank sharesand. The Ministry of State Assets (MAP) hopes to sign an agreement to purchase Lubelski Węgiel Bogdanka shares from Enea within a few weeks. The head of MAP, Jacek Sasin, emphasized that the agreement signed today between MAP and the Enea Group confirms the intention of the State Treasury regarding the purchase of shares in LW Bogdanka by the State Treasury. Formalities related to the valuation of the transaction are currently underway.
Sasin: we are at the final
In August this year Enea received an offer for MAP to purchase 21.96 million shares of LW Bogdanka for PLN 45 each.
– We are almost at the final stage, in the final stretch, the only formality left is the signing of the sale agreement, but literally within a few weeks we will be able to finalize this matter – Sasin announced after signing the contract.
He assessed that “all parties are satisfied.”
“The agreement signed today between MAP and the Enea Group confirms the intentions of the State Treasury expressed in the resolution of the Council of Ministers from last year regarding the purchase by the State Treasury of its shares in LW Bogdanka from Enea,” Sasin wrote on the X platform.
In August this year Enea informed that it received an offer from the State Treasury, represented by the Minister of State Assets, to purchase a block of 21,962,189 shares of Lubelski Węgiel Bogdanka owned by Enea at a price of PLN 45 per share. This means a total amount of PLN 988.2 million. The price for the block of shares is to be settled in the form of Treasury securities transferred via the Reprivatization Fund.
Letter of intent between Enea and the State Treasury
In June 2022, Enea announced that it had signed a letter of intent with the State Treasury regarding the potential purchase by the State Treasury of 21,962,189 shares in Lubelski Węgiel Bogdanka (LWB), constituting 64.57%. shares in the share capital. The letter of intent is valid until December 31, 2023.
LW Bogdanka had 16.5% at the end of 2022. share in the hard coal market and 21.7 percent shares in the thermal coal market in Poland and 27.1 percent in the market of coal sold to the commercial power industry. Since October 2015, it has been part of the Enea capital group. The company has been listed on the WSE since 2009; is included in the mWIG40 index. Consolidated revenues amounted to PLN 2.45 billion in 2022.
The basis of the Enea capital group’s operations is hard coal mining and the generation, distribution and trade of electricity. The group’s distribution network, located in western and southwestern Poland, covers 20 percent. area of the country. The company has been listed on the WSE since 2008. It is included in the mWIG40 index.
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