Poland’s ambitious privatization programme shows no sign of being derailed by the European debt crisis and global equity market woes, with recent share sales continuing to attract overwhelming demand.
In late June, for example, the authorities in Warsaw sold Zl4.21 billion ($1.28 billion) of shares in Tauron Polska Energia, the country’s second biggest power utility. The treasury ministry offloaded a 52% stake in an IPO for Zl0.57 a share – towards the bottom end of the Zl0.55 to Zl0.70 marketing range. Despite the conservative...
