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)
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