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Monday, September 1, 2008

Treasury sees biggest energy group PGE's IPO in Q1/2009.





Treasury sees biggest energy group PGE's IPO in Q1/2009. The initial public offering of new-issue shares in the country's biggest energy group PGE is due to be carried out in Q1/2009, treasury minister Aleksander Grad said in an interview with the Polish Press Agency. The government's privatisation plan for 2008-2011 passed in April stipulated its IPO at the end of 2008 or the beginning of 2009. As Grad also said that another energy group, Enea, should carry out its IPO in October and possibly deput on the Warsaw bourse on Oct 20, these declarations should clarify the treasury's privatisation plans for the energy sector after a possibility of PGE's privatisation overtaking the IPO of Enea has emerged in recent weeks. In 2009, the remaining two energy groups: Tauron Polska Energia (formerly Energetyka Poludnie) and Energa are to be listed. PGE's investment programme is to be partly financed by a PLN 3-4bn (EUR 0.9-1.2bn) new share issue. The company's value is expected to rise to PLN 70-85bn by 2012, from the present PLN 27bn. By 2012, PGE's share in the retail market is expected to rise to 40-45%, which means 2-3mn new customers will have to be acquired. The company now holds ca 30% in the market. Enea has about 10% share in the domestic power production market and more than 15% of sales. The planned IPO is estimated at PLN 2.5bn-3bn and will be one of the biggest such offerings this year. In an interview with Reuters, Grad said that privatisation revenue would amount to PLB 12bn in 2009. The budget plan for this year is PLN 2.3bn. tom







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