EBRD exits Polish energy company ENEA

By Axel  Reiserer

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The EBRD has today sold its stake in ENEA S.A. (ENEA), one of the leading Polish energy companies focused on generation, distribution and trading.

The 11,038,962 shares represented 2.5 per cent of ENEA’s total shares and were sold in an accelerated bookbuilt offering launched after the stock market close in Poland on 9 April 2014.

The transaction was successfully completed at a small discount to the previous day’s closing price of PLN 15.63 on the Warsaw Stock Exchange and attracted a good mix of domestic and international institutional investors. Deutsche Bank acted as sole bookrunner for the transaction.

The EBRD originally acquired a stake in ENEA in 2008 as part of the company’s initial public offering, when ENEA issued new shares and raised PLN 2 billion for new investments.

Nandita Parshad, EBRD Director, Power & Energy, said: “The Bank, as an active minority shareholder, has supported the improvement of corporate governance and the transformation of ENEA into a more integrated, customer-oriented and efficient energy group. We are proud of what has been achieved and see this as a sound basis for the company’s future development.”

Lucyna Stańczak-Wuczyńska, EBRD Country Director for Poland, added: “ENEA has demonstrated its capacity to attract high quality local and international financial investors. The EBRD’s sale should benefit the local capital markets by increasing the free float of ENEA’s shares and is further testimony to Poland’s attractiveness to institutional investors.”

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