After a review of Poland's largest state-owned firms, a decision has been made to sell their non-core assets, according to Dziennik Gazeta Prawna. Some time ago the Treasury Ministry ordered a number of audits in Poland’s 19 biggest state-controlled holdings.
The aim was to identify the subsidiaries of those firms that are not associated with their owners' core businesses. The process has just come to an end after auditors took a very close look at more than 500 subsidiaries.
The results of their work have not been revealed, but it is said that the ministry has created an initial list of firms that will be put up for sale soon. The main aim of all these efforts is to improve and streamline the operations of Poland’s major state-controlled capital groups so that they can focus on their core businesses.
“Audits clearly show which assets belong to the particular firm’s core business and which do not. Those that don't belong there should be sold, liquidated or consolidated,” said Treasury Minister Mikołaj Budzanowski. The long list of redundant assets includes hotel and spa networks owned by PGNiG and KGHM and security and transport companies that belong to energy firms Orlen and Lotos.
From Warsaw Business Journal
Is Poland's ruling party finished?
BY Remi Adekoya
Migration and remittances in the euro zone periphery
BY Stratfor Global Intelligence