The company received a notification from the state-owned Industrial Development Agency (ARP) about an agreement between ARP and Comsa concerning acquisition by ARP of all shares belonging to the Spanish company. One share is to cost less than the current stock exchange price of 2.70pln – the “deal” price is 1.70 pln.
“The state wants to have more control over the company? Will it pay less for the shares than is indicated on the stock exchange? That could mean trouble.” Probably such thoughts appeared among many investors who had shares of Trakcja company. In the morning, they rushed to dispose of large stakes on the stock exchange.
As a result, at the worst moment, right after the start of Tuesday’s session on the WSE, the stocks of Trakcja were almost 13% in the red. Shares valued at as much as PLN 2.90 the day before were downhill to PLN 2.50.
After the first shock, there was a calming down and with each subsequent hour the share price slowly recovers, although it is still under the mark of nearly 9%. – they cost about PLN 2.62.
All because of a series of announcements published by Trakcja’s management board on Monday evening. They show that the companies controlled by the Treasury want to take over the shares from the main shareholder, which is the Spanish company Comsa. Additionally, they want to buy additional shares to be issued in the future.
The latest available data shows that Comsa has almost 33 percent shares in Trakcja. So far, apart from Spain, the largest disclosed shareholders included ARP (18% of shares) and OFE PZU (10%).
The parties also agreed that IDA or an entity indicated by it would take over, in addition to shares, also Trakcja bonds held by Comsa.
As a result, companies controlled by the State Treasury would already have over 50 percent. shares in Trakcja.
Trakcja is one of the largest companies operating in the infrastructure construction and energy sector in Poland. It builds, among others roads, construction works on railways, etc. Its consolidated sales revenues reached PLN 1 339 million in 2020.