Shareholders of PKP Cargo have approved two out of three resolutions concerning a new share issue, aimed at raising funds to repay nearly 3 billion zlotys in liabilities. The plan, crucial for the company’s restructuring, excludes the employee incentive program, which failed to gain majority support.
During an extraordinary general meeting on June 26, 2026, investors voted on three proposals presented by the management board. The adopted resolutions include the issuance of series M shares, dedicated exclusively to the parent company PKP SA, and series N shares, offered to all existing shareholders under a rights issue. The third project, which would have allowed employees to purchase shares, was rejected.
The series M issue is designed to preserve the stability of the ownership structure throughout the restructuring process. PKP SA currently holds 33.01 percent of PKP Cargo shares, and the new issue aims to keep its stake within the 25–33.34 percent range. The series N issue, with a price set at the higher of 12 zlotys or 80 percent of the average weighted stock price from the last 50 trading sessions, grants two new shares for each existing one. Proceeds will be used to repay creditors and restore financial stability.
Debt reduction and future prospects
PKP Cargo’s debt – nearly 3 billion zlotys – has forced the company into a restructuring process. In May 2026, the railway freight operator submitted arrangement proposals covering all liabilities. The new plan assumes completion of debt repayment by the end of 2027, combining partial debt write-offs, conversion of claims into shares, and cash from the new equity issues.
– After debt reduction we will regain the chance for development – argued Paweł Miłek, vice president of the board, in an interview with WNP. He added that even with a larger number of shares, the stock price could increase in the future and a dividend might become possible. On the day of the meeting, PKP Cargo shares traded at around 11.5 zlotys, down 13 percent year-to-date.
Employees excluded from ownership plan
The only resolution that failed was the one concerning a motivational program for employees. The program was intended to tie workers more closely to the transformation process. However, it did not receive the required majority support from shareholders, leaving employees without the opportunity to participate directly in the company’s future equity.
PKP Cargo’s current market capitalization stands at approximately 500 million zlotys, a fraction of its debt burden. The company believes the new share issues will provide sufficient liquidity to meet its obligations and emerge from restructuring as a healthier entity. The success of the plan now depends on investor uptake of the rights issue and the ongoing support of the main shareholder, PKP SA.
Źródło: WNP.PL, Fot. OleksSH / Shutterstock
