|State Treasury could sell its shares in energy giant Energa|
Courtesy of Energa
Despite delays, Poland's State Treasury may want to go ahead with the privatization of chemical group Ciech, utility Energa and real estate group Polski Holding Nieruchomości (PHN) before the end of 2013, Parkiet reported. So far this year, the Treasury has collected zł.1.89 billion in privatization revenue, compared with the planned zł.5 billion.
According to recent statements by Deputy Treasury Minister Paweł Tamborski, Energa's IPO prospectus should be filed with the Financial Supervisory Authority in mid-September. The value of the firm's bourse debut is estimated at zł.2-3 billion. Without this IPO, Treasury will have a hard time meeting this year's budget plans.
The Treasury may also want to sell its 39 percent stake in Ciech this year. However, analysts quoted by Parkiet suggest that the sale would be more profitable after the company completes its restructuring. “Currently, the most obvious choice for offloading Ciech shares is to sell it to an equity fund,” said Tomasz Kasowicz, and analyst from DM BZ WBK.
In the case of PHN, the Treasury's 75 percent stake is worth about zł.860 million. The ministry had earlier signaled it would sell a majority stake in the firm to a strategic investor.
This year so far, Treasury has sold its shares in PKO BP (some 2 percent of shares for zł.860 million), Grupa Azoty (12 percent for zł.630 million) and 25 percent of PHN was sold in its IPO (worth some zł.240 million).
From Warsaw Business Journal
Energa IPO valued at zł.2.4 billion
Treasury after energy colossus
Energy utilities report profits above expectations
Poland's largest utility eyeing Energa stake
WSE braces for Energa surge
Will cabinet reshuffle save PO?
BY Remi Adekoya
What’s next for Jarosław Gowin?
BY Remi Adekoya