Polish PKP Cargo sets maximum IPO price at PLN 74/shr

WARSAW Tue Oct 8, 2013 4:23am EDT

WARSAW Oct 8 (Reuters) - Polish PKP Cargo, the European Union's No.2 railway freight company, set the maximum share price for its intitial public offer at 74 zlotys, valuing the flotation at 1.6 billion zlotys ($518 million), its chief executive said on Tuesday.

State railroad operator PKP, which wants to use the proceeds to cut its debt and fund investments, plans to sell 50 percent minus 1 share of its cargo unit. ($1 = 3.0906 Polish zlotys) (Reporting by Pawel Bernat)