Trakcja said that it registered the pledge of its entire shareholding in Kauno Tiltai with the Lithuanian Central Mortgage Office on January 23.
"The shares are the company's long-term investment," Trakcja said in a statement to Warsaw Stock Exchange.
Finasta analysts said in a comment, "Some 96.8 percent of shares in Kauno Tiltai will be pledged against a bond issue worth 36.5 million zlotys (EUR 9m), because this relatively small bond issue is being secured by a high-value asset. The company promises to disclose more details later."
"It has been mentioned that there are intentions to redeem its bonds issued to finance the acquisition of Tiltra Group and Kauno Tiltai. It is possible that holders of these bonds will be offered to swap their holdings for new bonds, thus extending the debt repayment schedule and alleviating the situation of the Polish construction company, which has problems," they said.
Trakcja is planning to launch new bond issues with a total value of 167.5 million zlotys (EUR 11.6m), including 102 million zlotys worth of convertible bonds.
The Polish group holds 96.837 percent of shares in Kauno Tiltai. It said that the book value of the shares on September 30, 2012, was 141.793 million zlotys.
Spain's Comsa Emte owned 34.96 percent of shares in Trakcja on November 13. Lithuania's investment company Invalda holds a stake of almost 9 percent in the Polish company.
