Road to Warsaw Stock Exchange
In December 1990, Zespół Elektrociepłowni Wrocław (ZEC Wrocław) submitted to Ministry of Ownership Transformations an application for transformation of a state-run enterprise into a company subject to commercial law. Formally, from November 1, 1991, ZEC Wrocław, as the first one in the industry, started doing business as a one-partner joint-stock company of the State Treasury under the name of Zespół Elektrociepłowni Wrocław SA (ZEC Wrocław SA).
In the end of 1991, after analysing the organisational state of the Company, its Board separated new, self-financing companies doing auxiliary and non-production business. In the end of 1992, a new strategy of the Company until the year 2000 was developed, describing the plan of strategic actions, Company’s mission and its investment and modernisation programme. Signed were intention letters between ZEC Wrocław SA a French company named Electricite de France (EDF) and a Belgian company named Tractebel. An effect of their mutual actions was a plan of privatisation of the Company with participation of foreign, strategic investors.
Unfortunately, an amendment in the privatisation Act caused a stoppage of this process. Also constant changes in governments had a negative impact on it. In January 1997, within a reform, an ownership function in regard to our Company was taken by Minister of State Treasury. In July 1997, introduced was the new Code of Commercial Companies, and the Company’s board asked Minister of Industry and Trade to resume the privatisation procedures.
The next obstacle was “the great flooding” that was affecting Wrocław from July 10, until the end of that month (a gallery of pictures). The water entered the Wrocław plant. After the damages were repaired and production resumed, the works on privatisation of the Company resumed. Their effects were becoming ever more visible.
July 6, 1999 - Minister of State Treasury accepted the concept of privatisation of ZEC Wrocław SA through the Warsaw Stock Market
September 3, 1999 – signed was an agreement with Dom Maklerski Banku Zachodniego on the issuance of shares in ZEC Wrocław SA.
September 26, 1999 – the Company assumed a new name:
ZESPÓŁ ELEKTROCIEPŁOWNI WROCŁAWSKICH KOGENERACJA SPÓŁKA AKCYJNA and in abbreviated forms:
ZESPÓŁ ELEKTROCIEPŁOWNI WROCŁAWSKICHKOGENERACJA S.A.
or KOGENERACJA S.A.
September 30, 1999 – the Company submitted to the Commission of Securities and Exchanges (or KPWiG by its Polish acronym) in Warsaw an application for admission to the public trade of the A Series shares in KOGENERACJA S.A., and on
March 31, 2000 – KPWiG admitted these shares to the public trade.
May 26, 2000 – a crucial date in the history of KOGENERACJA S.A.; the Company successfully debuted at the Stock Market in Warsaw. The first share price amounted to PLN 52.00 when the initial price (at subscription) amounted to PLN 49.00.
June 28, 2000 – took place the first Ordinary General Meeting of KOGENERACJA S.A.
In August 2000, signed were the agreements on the sale (free of charge) of shares in KOGENERACJA S.A. by State Treasury to authorised employees of the Company, and in November that year, issued were the B Series shares fully acquired by the investors. This debut at the Warsaw Stock Market was a culmination of a 9-year period of restructuring and finish of the period of preparations. Before the Company started appearing new challenges; it became a publicly traded company governed by its shareholders. KOGENERACJA proved that it pays to undertake necessary efforts to achieve satisfying results.
