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1997 KGHM as a traded company

 KGHM as a traded company
KGHM as a traded company

10 July 1997 will always remain an important date in the history of KGHM, for it was on this date that the Company debuted on the Warsaw Stock Exchange. The listing of the shares of KGHM was accompanied by tremendous investor interest, and remains one of the pivotal moments in the history of the Polish capital market.

The transformation of the state enterprise Kombinat Górni-czo-Hutniczy Miedzi into the state-owned, joint stock company KGHM Polska Miedź S.A., was not only an important event in the process of the Company’s ownership and structural transformation, but also an important step by the Company towards a market listing of its shares. Following the preparation of an issue prospectus required to list the shares of KGHM, in June 1997 the State Treasury sold 65.7 million of the Company’s 200 million shares in a public offering, of which 30 million were sold to domestic investors. Private investors were allowed to acquire the shares of KGHM at PLN 19 per share, and institutional investors at PLN 21 per share. Also taking part in the process were the Company’s employees, who altogether received 15%, or 30 million shares, free of charge.

The closing price of the shares of KGHM on the date of debut was PLN 23.50, i.e. 23.7% higher than the price paid by private investors for the shares.

Over the 15 years since this historic debut, the Company’s shareholders have experienced a variety of situations and sentiment. On 8 October 1998, the share price of KGHM reached its lowest level in history – PLN 9.65. Since October 2008 the shares of KGHM – with the exception of a substantial correction in the spring of 2010 – have steadily risen in value, and in April 2011 reached their highest closing price in history – PLN 198.40, more than 740% higher than on the date of their debut. The share price returned to PLN 198 at the beginning of July 2011. During the remainder of the year the Company’s shares underwent a substantial correction.

The Company’s shares are listed on the main market of the Warsaw Stock Exchange in a continuous trading system, and are a component of several market indices: WIG, WIG20, WIG Surowce, RESPECT Index and WIGdiv.

Since its market debut, KGHM remains one of the main engines of the Warsaw Stock Exchange.

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