Poland's power company PGE to raise up to 4 bln zlotys from IPO next year - CEO

WARSAW (Thomson Financial) - Poland's largest power company PGE expects to raise up to 4 bln zlotys from an initial public offering planned for the second half of next year, Chief Executive Pawel Urbanski said today.

'Three to four bln zlotys is the size we are thinking about,' Urbanski told TVN CNBC business channel in an interview.

The state-owned PGE, one of four power companies created by the former conservative government, wants to sell new shares to investors as it seeks funds for investments and acquisitions abroad.

PGE combines 11 power companies, two coal mines in southern Poland and 8 electricity distributors with a total assets worth 38 bln zlotys. It has 12,000 megawatts of installed capacity.

Urbanski said the company plans to invest between 30 and 40 bln zlotys on boosting capacity in the next four years to meet growing demand for electricity.

Source:By Piotr Skolimowski, forbes.com