Poland’s Treasury Ministry is counting on one more major asset sale to ensure it hits its year-end target of zł.10 billion from privatization receipts.
“Revenues from privatization now stand at zł.8 billion. I expect that if there is one more big IPO, there will be a further zł.800 million to zł.1 billion, thus giving us zł.9 billion,” Deputy Treasury Minister Paweł Tamborski told journalists last week. He added that the state budget can count on additional revenues from smaller privatization projects to bring it nearer the zł.10 billion target.
|Source: Ministry of Treasury|
Mr Tamborski said that the IPO of ZE PAK is the one that is most likely to go ahead this year.
According to the Ministry, ZE PAK, whose financial prospectus was sent to the Financial Supervision Authority at the end of August, will debut on the stock exchange at the turn of Q3 and Q4. The Treasury plans to sell 50 percent, the value of which is estimated by analysts at about zł.800 million.
When it comes to PHN, Treasury Minister Mikołaj Budzanowski said in early August that he wants the group to debut on the stock exchange this autumn, but not “for any price.” In June, the Treasury was forced to suspend the IPO of PHN due to unfavorable market conditions, but chief executive Wojciech Papierak said last week that the company plans to list on the Warsaw Stock Exchange in November.
The Treasury has a 100 percent stake in the real estate group, whose value is estimated at around zł.2.8 billion.
From Warsaw Business Journal by Gareth Price
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