Thursday, March 13, 2008

Bourse debut of Warsaw Stock Exchange planned for mid-October.

Source: IntelliNews - Poland Today

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Bourse debut of Warsaw Stock Exchange planned for mid-October. The bourse debut of the Warsaw Stock Exchange (WSE) is planned for the middle of October, said Wojciech Stankiewicz, partner at McKinsey & Co, advisor to the treasury ministry in this privatisation process. According to him, the issue prospectus would be submitted with the Financial Supervision Commission (KNF) in early July. The detailed plan includes Oct 14 as the bourse debut date. Earlier, on Sep 22, the issue prospectus is to be published and the price range for the purpose of book-building is to be settled. Book-building will be held on Sep 22-Oct 2. On Oct 2, the issue price will be settled and subscriptions for individual investors, started on Sep 26, will end. In the first phase of the privatisation, the State Treasury plans to trade 47.82% of the shares of WSE, out of which 19% will be offered in an open tranche and 28.82% in a tranche directed at domestic financial institutions - brokerage houses, investment and pension funds. Deputy treasury minister Michal Chyczewski said that the second privatisation phase would be carried out within 1-3 years from the first. The treasury would then withdraw from its holding in the WSE or keep a tiny stake. Currently, the Treasury holds 98.8% of WSE and the rest of 1.2% belongs to banks, brokerage houses and issuers of securities. ISB, tom

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Bourse debut of Warsaw Stock Exchange planned for mid-October.

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