PKP Cargo’s shareholders have approved two out of three proposed resolutions to issue new shares, aiming to raise funds to pay off nearly PLN 3 billion in liabilities. A separate plan to offer shares to employees was rejected, leaving workers without a stake in the company’s restructuring.
The extraordinary general meeting on June 26, 2026, greenlighted the issuance of series M shares to parent company PKP SA and series N shares to existing shareholders with pre-emptive rights. The move is part of a broader restructuring plan that includes debt reduction, conversion of claims into equity, and a cash infusion from the new shares.
Under the approved terms, series M shares will be issued exclusively to PKP SA to maintain its strategic stake between 25% and 33.34%. Currently, the state-owned parent holds 33.01%. Series N shares, priced at the higher of PLN 12 or 80% of the average weighted price over the last 50 sessions, will be offered to all current shareholders at a ratio of two new shares for each one held.
Restructuring plan aims for debt repayment by 2027
The company’s proposal, filed in May 2026 under court-supervised restructuring proceedings, covers liabilities of nearly PLN 3 billion. The funds from the new issuance are intended to repay creditors and restore financial stability. – After deleveraging, we will regain the chance to develop – said Paweł Miłek, vice-president of PKP Cargo. He also noted that future stock performance could improve, and dividends might become possible.
On the day of the vote, PKP Cargo shares traded at around PLN 11.50, down 13% since the start of the year. The company’s current market capitalization stands at approximately PLN 500 million.
Employee share program fails to gain majority
The only rejected resolution concerned a motivational program designed to tie workers to the company’s transformation. It did not secure the required majority, meaning employees will not receive any shares as part of the restructuring. This decision has drawn criticism from unions, who had hoped for greater worker participation in the turnaround.
Despite the setback, management insists the approved measures are sufficient to put the company on a solid footing. The issuance of series N shares is expected to be completed within the next few months, with the goal of fully repaying creditors by the end of 2027.
Źródło: WNP.PL, Fot. OleksSH / Shutterstock
