Electrim

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The Port Praski real estate project is one of the holding's holdings, here flags of the project with the Elektrim logo in 2011

Elektrim SA is a Polish joint stock company. It was founded in 1945 as the state foreign trade company of the People's Republic of Poland under the name Polskie Towarzystwo Handlu Zagranicznego dla Elektrotechniki ELEKTRIM and privatized in 1992 via an IPO on the Warsaw Stock Exchange . In the 1990s, Elektrim was one of the largest corporate groups in Poland; Among other things, Elektrim was a partner in Polska Telefonia Cyfrowa (now T-Mobile Polska ). Up to 140 companies were managed in a holding structure . Due to financial difficulties, the bankruptcy proceedings were opened in 2007 over Elektrim , and the stock trading in 2008 suspended. The company is still in bankruptcy (2019) but is doing business. Today it is majority owned by the Polish złoty billionaire Zygmunt Solorz-Żak .

history

On November 16, 1945, the Polish Ministry of Shipping and Foreign Trade ( Ministerstwo Żeglugi i Handlu Zagranicznego ) founded an association of companies in the electrical industry, which was responsible for the foreign trade of these companies. The headquarters of the companies and business associations involved were located in Katowice , Łódź , Płock , Poznan and Warsaw. As one of the first foreign trade organizations in Poland, PTHZ Elektrim initially imported mainly industrial production and equipment plants. From the 1950s the focus was on the export of electrical engineering products.

The conversion to a public limited company of the State Treasury took place on September 14, 1990. In 1992, the privatization took place via the IPO on the Warsaw Stock Exchange, which was founded shortly before; Elektrim was one of the first Polish companies to be listed here. The state treasury kept 18% of the company's shares. In the following years the company was restructured. Cable production became one of the strategic business areas . In the mid-1990s, the majority in Bydgoska Fabryki Kabli as well as investment packages in Fabryka Kabli Załom in Stettin , in Krakauer Fabryka Kabli , in Kablex and in Fabryka Kabli Ożarów Mazowiecki were acquired. As a result, the share of export sales with cable products was around 25%. At the end of the 1990s, when the company's focus shifted to investments in the fixed line and mobile communications business, the cable manufacturers merged into Elektrim Kable-Holding were sold to Tele-Fonika Kable SA , creating one of the largest European cable manufacturers.

In March 1999, Elektrim acquired a stake in Zespół Elektrowni Pątnów-Adamów-Konin SA (ZE PAK SA). In the same year, in return for the construction of Warsaw's Świętokrzyski Bridge , the company received the former port of Praga from the city . A new district should be created here.

In the 2000s there were financial problems due to the holding's high debt. The sale of the shares in the mobile operator Polska Telefonia Cyfrowa to Vivendi led to years of legal disputes with Deutsche Telekom . The disputes were only resolved in 2010. In 2007 the company became insolvent, and in 2008 it was delisted from the stock exchange. The company was and continues to be economically active.

The media entrepreneur Zygmunt Solorz-Żak ( Polsat ) has acquired shares in Elektrim since 2004 ; in 2018 he controlled around 81.4%.

today

The headquarters of the holding company was originally located in the Oxford Tower, formerly known as the Elektrim high-rise, in the city ​​center . The Elektrim logo shaped the facade of the building. Today the company's head office is located at ulica Pańska 77/79 in the city district of Wola .

Elektrim is still in debt and unable to pay. Creditors and the Polish tax office are demanding the settlement of debts in the billions of zlotys. Small shareholders accuse the Elektrim Supervisory Board of withholding information. Decisions and details on the sale of high-quality investments are not transparent. Around 500 of these small investments (around 5% of the company shares) have come together to form an association of minority shareholders ( Porozumienie drobnych akcjonariuszy Elektrim SA ), which represents their interests towards the main shareholders.

One of the remaining holdings is the ZE PAK SA power plant group, which is one of the largest electricity producers in Poland and is owned by the Polish State Treasury, Elektrim and other Solorz companies. Elektrim is also involved in the electricity trader PAK-Volt SA (formerly: Elektrim-Volt SA ). The Centrum Mobile Switching Center / Data Center (MSC / DC) in Grodzisk Mazowiecki is also part of the holding's portfolio. Elektrim also holds a stake in Cyfrowy Polsat .

On the site of the former Warsaw Vistula port Praga, Elektrim has been realizing a large real estate project since 2012: Port Praski .

Web links

  • Holding website (in Polish)
  • Website of the Association of Elektrim Minority Shareholders (in Polish)

Individual evidence

  1. ↑ ZE PAK SA website (in English)
  2. ↑ according to a press release Vivendi is awarded damages of 1.9 billion euros in its dispute against Elektrim ( Memento of February 25, 2009 in the Internet Archive ) at Vivendi's Internet presentation on February 23, 2009 (in English)
  3. ↑ a b Marcel Zatonski, Zygmunt Solorz daje mniej za Elektrim , October 16, 2018, Puls Biznesu (in Polish)
  4. ↑ a b c Elektrim: W planach powrót na warszawską giełdę , December 14, 2018, Parkiet.com (in Polish)
  5. ↑ PAK-Volt SA website (in English)
  6. ↑ MSC / DC website (in Polish)

Coordinates: 52 ° 13 ′ 52 ″  N , 20 ° 59 ′ 31 ″  E