Kompania Weglowa (Coalmine Holding) spokesman said that the holding would not dispose any time soon of the shares it had received from the State Treasury as a form of subsidy a few weeks ago. The shares include a 2.5% stake (5m shares) in KGHM, 9.9% stake in Pulawy and 9.9% stake in Ruch. The spokesman said that the shares would be sold at the time determined by Kompania Weglowa liquidity needs, presumably towards the end of the year. Our view: We would expect a slightly positive market impact of the news.