Energa is one of the four largest energy groups operating in Poland, which has been owned by Orlen since 2020.
Orlen asked the Energa management board to convene an extraordinary general meeting, the main point of which is to be a resolution on increasing Enegia's capital by issuing shares, Orlen announced on Wednesday.
Orlen wants to issue Energa shares
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We are talking about the issue of shares worth PLN 5.106 billion in a closed subscription with pre-emptive rights. The unit price of the share will be PLN 18.50. Orlen declared to take up Energa's shares in the increased share capital.
Energa is one of the most indebted companies in the sector. The recapitalization will improve its financial indicators and may open the way to talks with banks. Moreover, the company plans to build a power plant.
See also: A new nuclear project in Poland. An important contract has been signed
“Orlen's proposed recapitalization of Energa is aimed at restructuring the balance sheet by restoring debt ratios to market levels and financing development activities,” Orlen's press release reads.
Issue of Energa shares
The draft resolution of the EGM of Energa provides for:
— the unit price of shares will be PLN 18.50,
— subscription rights ratio: 1:1.5000000036226 (to acquire one new share, it is required to have 1:1.5000000036226 subscription rights).
The Energa Group is one of the four largest energy groups operating in Poland. Its distribution network currently has 200,000. km, covering approximately 25%. country and serving approximately 3.4 million customers. Since 2020, the Energa Group has been part of the Orlen Group.
See also: Former head of the CBA on the management board of Orlen. It has to fulfill an important function
Energa – changes in the company's management
The president of Orlen, Ireneusz Fąfara, resigned from the position of chairman of the supervisory board of Energa. Renata Rosiak will be the new chairwoman, Energa announced in a press release on Wednesday. At the same time, Wiktor Staszak resigned as vice-chairman of the council.
The company reported that both declarations of resignation from the supervisory board were submitted without giving the reason for the resignation.
