EPH Sells Its Stake in PG Silesia

Daniel Křetínský’s Energetický a průmyslový holding (EPH) has reached an agreement to sell its 39 percent stake in the Polish coal company PG Silesia to Bumech SA. Bumech is also buying a stake from Braindour Development Limited and will own 99.975 percent of PG Silesia’s shares once the transactions are finalized.

PG Silesia operates the largest private mine in Poland, employing approximately 1,700 people. At one time, EPH was the majority owner of PG Silesia before selling part of its stake about two years ago. The approval of the antitrust authority is required to complete the transaction. The Bumech company specializes in the maintenance and repair of mining equipment and technology for Polish customers.

EPH includes more than 70 companies in nine European countries. It is a crucial transporter of Russian natural gas to Europe and is one of Europe’s ten largest electricity producers. It is the second-largest producer of brown coal in Germany. EPH Group companies employ about 25,000 people. Most of EPH is owned by billionaire Daniel Křetínský, the co-owner of the Czech News Center publishing house.

EPH announced last week that Křetínský would concentrate its strategic assets, including EPH, in the new holding company EP Corporate Group. Patrik Tkáč should also return to EPH as a 44 percent shareholder.