KGHM ready to sell shares in "Atom"

Adam Torchała

KGHM is initially interested in selling its shares in the company responsible for the creation of the Polish nuclear power plant. The message is related to the interest of PGE to support the entire pool of the project "atomic".

– The board of directors of KGHM Polska Miedź SA announced that he (…) had expressed his initial interest in the sale of shares of PGE EJ1 sp. O.o. – We read in the declaration of KGHM published Thursday night. This is the response of the copper-producing company to yesterday's statement, in which Polska Grupa Energetyczna announced that she was interested in buying all the shares. PGE EJ1 sp. O.o.

PGE EJ1 sp. O.o. is a company responsible for the preparation and implementation of the investment consisting in the construction and operation of the first Polish nuclear power plant. The company was established in 2010 in the structures of Polska Grupa Energetyczna. In 2014, Tauron, KGHM and Enea joined the group of its shareholders, who bought 10% each. PGE shares. Such a balance of power has remained to this day.

It is difficult to estimate how much it is worth 10%. KGHM, we only know that the capital of PGE EJ1 sp. z o.o. is currently raising to PLN 371 million. However, the political dimension of the case may be more important. KGHM could thus be withdrawn from the "atomic" project which, although necessary for Poland, raises serious concerns among the shareholders. Especially in terms of costs, politicization and general competence of politicians to oversee such a project. To learn more about the opportunities and threats associated with participating in the construction of a nuclear power plant, we wrote about PGE's plans yesterday.

Moreover, the example of investor fears does not need to look far. After the announcement of interest made yesterday to take over the pot in the "atomic" company, PGE shares were immediately downgraded by 5%. The KGHM exchange rate does not appear to take into account the potential sale of the shares of PGE EJ1 Sp. Z oo. However, it should be noted that the copper producer has not been mentioned in the context of a nuclear power plant for some time. The eventual sale of these shares would confirm that KGHM will not be associated with this project. However, it is important to remember that politicians are in charge of everything. The situation can therefore change depending on the winds of the government.

Adam Torchała

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