New World Resources B.V., a coal and coke holding company that is the sole shareholder of OKD, a.s., the Czech Republic’s largest hard coal mining company, announced today its intention to commence an initial public offering on the main markets of the London Stock Exchange , the Prague Stock Exchange and the Warsaw Stock Exchange.
New World Resources BV will sell shares to the public in the second quarter, co-owner Zdenek Bakala told Czech public television today. Bakala said in Prague today that the share sale will take place in Prague, London and Warsaw. "The funds will be used for expansion and development," he said.
Bakala would not say in Prague today how much money the company plans to raise from the expansion. The IPO will be the first to be held in Prague this year. "The IPO marks a major new phase in the development of the company, creating new strategic and financing possibilities for us,'' NWR's Executive Chairman Mike Salamon said to Bloomberg in an e-mailed statement. "It will support our objective of expanding our coal reserves by exploiting additional resources and making acquisitions,'' he added.
(Source: Press release of NWR, Bloomberg, Reuters)