Rymarz Zdort assists brokerage house Biuro Maklerskie PKO BP in connection with PLN 3.2 billion issuance of series E shares by PGE Polska Grupa Energetyczna

9 May 2022

We are pleased to announce that Rymarz Zdort assisted Powszechna Kasa Oszczędności Bank Polski Oddział Biuro Maklerskie, a Polish brokerage house acting as the global coordinator, in the process of the issuance of series E shares by PGE Polska Grupa Energetyczna (“PGE”). As a result of such issuance, approximately 374 million shares were subscribed for at the issue price of PLN 8.55 per share.

The State Treasury (the majority shareholder of PGE) subscribed for shares worth over PLN 2.5 billion, open-end pension funds subscribed for shares worth approximately PLN 450 million and other investors subscribed for shares worth approximately PLN 250 million. PGE is planning to spend the proceeds of approximately PLN 3.2 billion from this issuance on investments in three areas: the development of power distribution systems, renewable energy sources, and the decarbonisation of power and heat generation processes through the development of low-carbon energy sources.

“This transaction on which we advised is a prime example of the potential of Polish energy groups, which, despite the very difficult market and geopolitical circumstances, have decided to issue shares and allocate the issue proceeds to the financing of distribution projects or low-carbon and renewable sources,” said Marek Durski, a partner and the head of the Energy & Natural Resources practice in Rymarz Zdort.

The Rymarz Zdort team advising on the transaction comprised, Marek Maciąg (a partner and the head of the Corporate practice), Marek Durski (a partner and the head of the Energy & Natural Resources practice), Klaudia Kasztelewicz (associate) and Karolina Stepaniuk (associate).

Team members

Dr Marek Maciąg

Partner

Dr Marek Maciąg

Marek Durski

Partner

Marek Durski

Klaudia Kasztelewicz

Associate

Klaudia Kasztelewicz

Karolina Kłos

Associate

Karolina Kłos

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