3/25/2008

Poland may consider PGNiG buyback, new shares among options after employee issue

WARSAW (Thomson Financial) - Poland's treasury ministry may look at proposals for a share buyback or new issue of shares in gas company PGNiG under a list of options to keep 75-80 pct control for the state after a worker share issue, Parkiet daily reported.

Parkiet reported unnamed sources as saying PGNiG had been given a list of six options for keeping control for the state, of which it is due to present three to the state treasury at the end of March.

The options also include schemes to pay off employees in return for a longer lock-up period, or altering the conditions attached to existing shares.

Treasury Minister Aleksander Grad has said the state should start transferring the shares to employees by the end of June.
Source: By Patrick Graham, forbes.com



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