Polskie Towarzystwo Reasekuracji (PTR), wanted to raise PLN 202-281m (EUR 60.2-83.7m) in its IPO in May. There were no buyers for the stock and PTR resigned from the debut.
“I expect the management to present now PTR strategy, the strategy for PTU insurance company and the plans to find a majority investor. The plans should be realized this year or early next year”, Michal Chyczewski, deputy minister of the treasury said.
PTR’s biggest shareholder is the state with 11.9 percent of shares controlled directly and much more indirectly (PZU holds 23.8 percent and KGHM 11.9 percent of PTR). The other shareholders include Bank Handlowy (16.6 percent), BWE (11.9 percent), DZ Bank (9.1 percent) and EBRD (4.8 percent).
“The majority of shareholders want to withdraw from PTR so it is possible that a majority investor buys the stock. We have had initial offers from several foreign institutions”, Michal Chyczewski said.
Bank Handlowywill rather sell its stake because of financial problems of its owner Citibank. BWE and DZ Bank planned to withdraw when the debut was announced, similarly PZU.
The deputy minister of the treasury suggests how PTR could raise funds.
“The scenario supported by shareholders I talked to provides for PTR to sell its stake at PTU insurer. PTR is negotiating with Ciech which holds 45 percent of PTU”, Michal Chyczewski added.
The problem is that PTU generates over 30 percent of PTR’s sales. Losing control over the insurer may mean losing this contract.
“But the company will get capital for acquisitions of other reinsurance companies. The management should negotiate not to lose the contract even if its sells its stake”, Michal Chyczewski said.
(PLN 1 = EUR 0.298)