GDANSK, Poland, Feb 26 (Reuters) - Polish state-controlled refiner Orlen plans to inject 5.11 billion zlotys ($1.43 billion) into its utility unit Energa through a rights issue, it said late on
Poland's Orlen plans to inject 5.1 billion zlotys into utility unit Energa
GDANSK, Poland, Feb 26 (Reuters) - Polish state-controlled refiner Orlen plans to inject 5.11 billion zlotys ($1.43 billion) into its utility unit Energa through a rights issue, it said late on Wednesday.
The move follows Orlen's attempt late last year to buy out the remaining minority shareholders and take full ownership of the utility, which it sees as key to its energy transition strategy.
Capital Increase and Ownership Plan
KEY DETAILS
Issue Price and Subscription
Rights Issue Terms
• The capital increase will be carried out at an issue price of 18.50 zlotys per share, with Orlen subscribing to the new stock.
Use of Proceeds
• Orlen says the capital injection is aimed at restructuring Energa's balance sheet and funding development.
Extraordinary General Meeting
Governance and Current Stake
• Orlen, which currently holds a 92% stake in Energa, will propose the move at an extraordinary general meeting.
Exchange Rate Reference ($1 = 3.5684 PLN)
($1 = 3.5684 zlotys)
(Reporting by Alicja Surdy, editing by Milla Nissi-Prussak)
