Poland's PGNiG: Buy-Back Is Not Offered To Particular Shareholder


WARSAW, Aug 12 (Reuters) - Poland's state-run gas firm PGNiG decided on a share buy-back as it wants to allocate the free cash it generates and the offer is not directed to any particular shareholder, the company's chief executive offer said on Friday.

PGNiG, which is 70 percent owned by the state, said in July that it planned to complete the buy-back by the end of this year, without providing more details. Analysts had expected the firm to favor the treasury in the project, disadvantaging minority shareholders, analysts and fund managers said.

"The rationale is to allocate free cash. We could not identify interesting assets to buy, so we decided to buy back our shares. There was not a particular offer, it was an internal decision," Piotr Wozniak told a conference call.

He added that PGNiG plans to maintain its dividend policy.

(Reporting by Agnieszka Barteczko; Editing by Marcin Goclowski)

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Contracts Administration|Planner / Scheduler|Project Management
Location: Henderson, CO
Logistics Supervisor
Expertise: Logistics Management
Location: Sugar Land
Landman / STEM Lease Specialist
Expertise: Landman
Location: Denver, CO
search for more jobs

Brent Crude Oil : $45.54/BBL 0.70%
Light Crude Oil : $43.01/BBL 0.63%
Natural Gas : $2.929/MMBtu 1.34%
Updated in last 24 hours