ING's Polish pension fund acquires 8.5% in Coal Energy with Ukrainian assets
KYIV. Aug 10 (Interfax) - ING's Polish pension fund (ING Otwarty Fundusz Emerytalny) has acquired 8.5% of the shares in Luxembourg-based Coal Energy S.A., which has consolidated assets of Ukrainian coal enterprise NPO Mekhanik, Coal Energy said in a statement filed with the Warsaw Stock Exchange (WSE). The fund did not own shares in the company prior to this acquisition.
Coal Energy plans to boost coal production by 81.25% for this financial year to 2.9 million tonnes in comparison with the last financial year that ended on June 31, 2011.
During the company's initial public offering (IPO) on the WSE raised 225 million Polish zloty ($78 million). The funds raised will likely be earmarked for the first stage of the company's five-year development program, the total value of which comes to $287 million, as well as the purchase of new licenses and mines.
Coal Energy unites ten Ukrainian coal mines, and facilities for working stock heaps and enrichment. The company sells coal to thermal energy companies, coking-chemicals outfits, cement plants, and municipalities. It also exports product to Bulgaria, Slovakia, Moldova, and Turkey.
Prior to the IPO, Cyprus-based Lycaste Holdings Ltd, in which Viktor and Marina Vishnevetsy each hold 50%, owned 100% of the shares in Coal Energy.