Poland/Enterprises/Insurance/Privatisation
Warsaw (Puls Biznesu) – In Summer, the shares of PZU, Poland’s largest insurer, may be sold to investors in a privatisation which may bring EUR 1 billion to state’s budget. Eight consortia compete to be privatisation advisor to the Treasury Ministry, including JP Morgan Securities with Pekao brokerage house, BRE Corporate Finance with DI BRE and Merrill Lynch, Credit Suisse First Boston with BZ WBK brokerage house, CAIB Financial Advisers with CAIB Securities and BPH brokerage, ING Securities and ING Bank, HSBC Investment Services (Poland) and PKO BP brokerage, Citigroup Global Markets Polska and Bank Handlowy brokerage house, as well as DB Securities with BGZ brokerage house and BDO Polska. According to analyses made by PKO BP, the candidates wanted remuneration of PLN 10.4-13.2 million (EUR 2.5-3.2 million).
Till December 23rd, the Treasury Ministry will announce a short list of six entities, which will have until January 3rd to submit next offers. The winner will be chosen till the end of January. If everything goes well, PZU could be listed in summer of 2005. First, however, an agreement must be reached between Eureko, its Dutch minority shareholder, and the Treasury Ministry, the majority shareholder. State owns a 55 percent stake. One of candidates for privatisation advisor said that they would recommend to list 20-25 percent of shares worth EUR 1 billion. Analysts believe, the market may absorb even a 30 percent stake.
EBRD is interested to become investor in PZU. ‘As far as I know the Treasury Ministry is interested in our presence in the shareholders’ structure of PZU. We are also ready to invest. Probably a 5-percent stake should be taken into consideration’, Hanna Gronkiewicz-Waltz, EBRD deputy CEO said.
(PLN 1 = EUR 0.239)