First coal mine group to be listed at the year-end

opublikowano: 18-02-2008, 12:23

Warsaw (Puls Biznesu) – KHW coal group may become the first enterprise to be listed on the Warsaw Stock Exchange. This is  possible at the end of the year.

In January, the first meeting in the Ministry of the Treasury was held concerning the privatization of the coal mining sector.

“Tomorrow, another meeting will be held”, Eugeniusz Postolski, deputy Minister of the Economy responsible for the mining sector said.

He believes that Katowicki Holding Weglowy (KHW) comprising of seven mines is best prepared for privatization. The process is supposed to be conducted via listing. The state will hold the majority stake of the group. The IPO could be conducted at the end of this and beginning of next year. Soon, decision will be made to announce tender to choose privatization advisor. Over 52 percent of 20,000 employees of the holding decided that they wanted privatization in a referendum last year. The miners are supposed to get 15 percent of KHW shares.

The Ministry of Economy promises to privatize Jastrzebska Spolka Weglowa (JSW). The previous government wanted to merge JSW with Budryk coal mine (which was conducted on January 4th) and with Zabrze and Walbrzych coke plants.

“Final decisions have not been made yet”, Eugeniusz Postolski said.

The coke plants may be privatized alone.

Professor Andrzej Barczak from the Academy of Economics in Katowice believes that timing is not good to privatize the mining sector.

“The companies should have better results, clear targets and stable return on investment. Trade unions may spoil the privatization plans because they feel great in state-owned-enterprises”, Andrzej Barczak pointed out.

Trade unions organized 46-day-long strike at Budryk coal plant. In result, JSW’s net income dived from PLN 149.6m (EUR 41.7m) at the end of November to PLN 60m at the end of the year.

(PLN 1 = EUR 0.279)

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