The European Bank for Reconstruction and Development (EBRD) has sold its stake in PKP Cargo S.A. The 2,286,008 shares, representing 5.1 per cent of PKP Cargo’s total shares, were sold in an accelerated bookbuild offering launched after the stock market close in Poland on 10 February 2015.

The transaction was successfully completed at a small discount to the previous day’s closing price of PLN 89.0 on the Warsaw Stock Exchange and attracted strong interest from a mix of institutional investors both in Poland and internationally.

Goldman Sachs International and Wood & Company acted as joint bookrunners for the transaction.

The EBRD originally acquired a stake in PKP Cargo in 2013 as part of the partial privatisation whereby PKP S.A. offered 50% of the company in an Initial Public Offering (IPO).

“The Bank, as an active minority shareholder, has supported corporate governance improvements and the transformation of PKP Cargo into a more integrated, market-oriented and efficient freight carrier. We are very pleased with the results and performance that the management of PKP Cargo has achieved and see this as a sound basis for the company’s future development,” said Sue Barrett, EBRD Director, Transport.