Time has come for ARP, controlled by the state, to buy back the bonds it issued several years ago to buy the debts of steel plants and sell its shares of Mittal Steel Poland. However, the agency has managed to receive much better price than the state. It has recently sold 12.5m shares for PLN 255m, or PLN 20 a share.
This is high price taking into account the fact that in the privatization agreement signed in 2004, the state pledged to sell the shares this year at PLN 1 each. Several weeks ago, the ministry of the treasure said that it had managed to increase the price to PLN 6.5.
ARP is going to sell another stake of Mittal Steel Poland on December 2nd. There will be even more transactions this year worth PLN 400m. According to present estimates, ARP will have PLN 90m of net income thanks to the transaction.