The European Bank for Reconstruction and Development (EBRD) has sold its stake in PKP Cargo the national provider of rail freight services and second largest freight operator in Europe.
The 2,286,008 shares, representing 5.1 per cent of PKP Cargo’s total shares, were sold in an accelerated bookbuild offering launched after the stock market close in Poland on 10 February 2015.
The transaction was successfully completed at a small discount to the previous day’s closing price of PLN 89 (EUR 21.17) on the Warsaw Stock Exchange and attracted strong interest from a mix of institutional investors both in Poland and internationally.
Goldman Sachs International and Wood & Company acted as joint bookrunners for the transaction.
“PKP Cargo has demonstrated its capacity to attract high quality local and international financial investors. The EBRD’s sale should benefit the local capital market by increasing the free float of PKP Cargo’s shares and is further testimony to Poland’s attractiveness to institutional investors,” Grzegorz Zielinski, EBRD Country Director for Poland said.
The EBRD originally acquired a stake in PKP Cargo in 2013 as part of the partial privatisation whereby PKP S.A. offered 50% of the company in an IPO
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