PZU could still be sold this year

Alan Heath
opublikowano: 02-04-2001, 00:00

PZU could still be sold this year

The only way the treasury might be able to raise money this year from the sale of PZU stock is to sell a 21 percent stake to the Eureko-BIG BG consortium. This could raise between PLN2.2m and PLN3.6m.

It would seem that Eureko/BIG BG was prepared last May to take a further 25 percent stake and was able to convince then treasury minister Emil Wąsacz. However the cabinet did not like it.

Things have changed with an election looming and the kitty looking a lot bearer than it otherwise might have been due to shortfalls in planned privatisation revenues. After a six month battle with nationalist former treasury minister Andrzej Chronowski, present minister Aldona Kamela-Sowińska is having a tough job convincing the consortium that the problems are over despite one of the first things she did after appointment being to signal that she wanted a solution. Persuading the consortium may be the easy bit, she will then after have to convince her fellow ministers.

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