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Poland opts for power sector privatisation via bourse, Advisory and Opinions - EquitiesPoland.pl
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Advisory article

Poland opts for power sector privatisation via bourse


Poland will opt for a stock market flotation of its stakes in several power companies, prompting fears of an oversupply of utility stocks and questions over the viability of its plans in a shaky market. The government said on Tuesday it wants to sell stakes in utilities Energa, Enea and hydropower firm ZEW Niedzica through the bourse as part of a broader aim to sell 300 state-controlled companies by the end of 2013. The plan, which aims to boost state coffers by around 15 billion zlotys ($4.9 billion), also assumes the sale of stakes in Poland`s top bank PKO BP, top insurer and the country`s largest utility PGE. Another utility, ZE PAK, in which the state holds a 50 percent interest, is scheduled to be listed on the Warsaw Stock Exchange at the end of September or early in October, Treasury officials said earlier in March. "If the government decides to sell Energa and Enea on the stock exchange, they probably won`t be able to sell further stakes in PGE, because of the oversupply of utilities on the market," said Maciej Hebda, analyst at Warsaw-based Espirito Santo. In February, Poland raised 2.5 billion zlotys from the sale of 7 percent in PGE via an accelerated book-building, a sale process often used by Poland in the past few years to sell small stakes in state-controlled firms. The list of state firms put up for sale also includes coal producers such as Kompania Weglowa (KW) and Katowicki Holding Weglowy (KHW), several chemical companies and arms producer Bumar, much tougher nuts to crack given the opposition of their unions and structural problems. "The government will certainly find buyers for already listed companies. The question is whether they`ll be able to sell anything from the non-listed ones," said Tomasz Duda, analyst at Ipopema Securities.


Comments : 1

ROB DASH, 2013-11-16 17:18:00
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