24th August 2011
Thursday, May 17th, 2012
Sale of zł.6.78 billion stake in PKO Bank Polski postponed
The Polish Treasury cited instability in equity markets
Courtesy of PKO BP |
The Ministry of Treasury and state-controlled Bank Gospodarstwa Krajowego (BGK) have decided to suspend the sale of a 15.25 percent stake in Poland's largest bank, PKO BP.
The project is set to be continued in late October or early November, the ministry announced on its website.
“Due to high market volatility, the Ministry of Treasury and BGK, in consultation with a team of advisors involved in PKO BP's second public offer, decided to temporarily suspend it,” the statement reads.
The 15.25-percent stake comprises 10.25 percent belonging to BGK and 5 percent belonging to the Treasury, and is valued at up to zł.6.78 billion.
The Treasury also announced on Tuesday that it was still on track to reach its goal of raising zł.15 billion this year in privatizations.
From Warsaw Business Journal
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