Wednesday, May 14, 2008

Treasury mulls issue of bonds convertible into Pekao SA, TPSA’s shares.

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Treasury mulls issue of bonds convertible into Pekao SA, TPSA’s shares. The treasury ministry is in talks with the finance ministry on the prospects of issuing T-bonds convertible into shares of Bank Pekao SA and the telecom incumbent TP SA, deputy treasury minister Joanna Schmidt said. She added that the ministry would like the proceeds from the issues to be treated as privatisation revenues. Such a solution - seen as an alternative to selling the residual stakes in these companies to their strategic investors, UniCredit Italiano and France Telecom, respectively - will ensure more funds for the state budget, notwithstanding market sentiments or investors’ price expectations, Schmidt explained. The treasury still holds residual stakes of 3.96% in Pekao SA and 3.87% in TP SA and has been in talks with their respective investors for some time. The 2008-2011 privatisation programme passed by the government in April, stipulates for the sale of residual stakes in Polish banks, including Pekao SA in late 2008 or early 2009. tom

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Treasury mulls issue of bonds convertible into Pekao SA, TPSA’s shares.

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