Interfax reported that ING Polish pension fund has acquired 8.5% of the shares in Luxembourg based Coal Energy SA which has consolidated assets of Ukrainian coal enterprise NPO Mekhanik. 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 on the WSE raised PLN 225 million. The funds raised will likely be earmarked for the first stage of the company five year development program the total value of which comes to USD 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.
(Sourced from Interfax)