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Wednesday, July 2, 2008

Gross privatisation revenue reaches 10.7% of annual plan in H1.





Gross privatisation revenue reaches 10.7% of annual plan in H1. The gross privatisation revenue amounted to PLN 0.25bn gross in H1, which is 10.7% of the budget plan, the treasury ministry said. The ministry added that net revenue in this period amounted to PLN 0.18bn (i.e. 12.9% from 2008 budget plan). The 2008 budget draft sees privatisation revenue at PLN 2.3bn, net - PLN 1.4bn. We note that the 2008-2011 privatisation programme, passed in April, stipulating for privatisation of 740 companies owned or co-owned by the state treasury sees over PLN 30bn of privatisation revenues in this period. For H2, the ministry plans a number of big-scale privatisation projects, although some of them - similarly to the June IPO of the chemical firm ZA Tarnow - would consist of the sale of newly issued shares only, thus failing to strengthen the state coffers (e.g. the SPO of bank PKO BP, IPOs of power groups Enea and possibly PGE). The state plans to receive proceeds from e.g. the IPO of Bank BGZ (decision due in September) and the Warsaw Stock Exchange (WSE) itself. ISB, tom







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