Ministry of the Treasure to sell the WSE to another stock exchange

opublikowano: 23-12-2008, 12:40

Warsaw (Puls Biznesu) – The Minister of the Treasury believes that the Warsaw Stock Exchange may be sold only to another stock market. He will invite foreign stock exchanges to the talks.

The Ministry of the Treasury is preparing a new privatization strategy for the WSE. Because of financial crisis it is impossible to conduct an IPO of the stock exchange. In November, rumours appeared that the WSE could be sold to Saudi Arabian funds. Aleksander Grad, the Minister of the Treasure, says it is possible but he stresses that he is not going to let only investment funds have a say in the WSE.

“A detailed conception will be ready in January-February. There are different scenarios possible, like founding consortia with a stock exchanges and financial partners. We will direct our offer first to strategic investors, i.e. foreign stock exchanges, however. We know they are interested because we asked them when we had planned an IPO. Both New York exchanges are interested, the German stock exchange and the LSE as well. An IPO is still possible but in the second stage. After the listing, the ministry will sell the remaining shares in the WSE”, Aleksander Grad said. 

Investors will be invited at the end of February and beginning of March. With the failed IPO of the WSE, the ministry has a gap in its privatization revenues planned this year. Especially that Vattenfall has withdrawn to sign contracts to buy GZE and Vattenfall Heat Poland for PLN 1.2bn (EUR 292.8m). Aleksander Grad, however, believes that this transaction is still possible. Early next year, the privatization of PAK power plants should be decided as well. The ministry wants to apply to the bankruptcy officer of Elektrim for the company to withdraw from its right to buy the shares. In 2008, the Ministry of the Treasury expects PLN 2.2-2.3bn of privatization revenues.

(PLN 1 = EUR 0.244)

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Podpis: MAG