Chemical Companies Poland Plans IPOs of Power, Chemical, Coal Companies

Poland plans “at least” four initial public offerings of state-owned companies this year, including Polska Grupa Energetyczna SA, the country’s biggest power group.

State-owned coal producer Lubelski Wegiel Bogdanka SA and chemical company Zaklady Azotowe Kedzierzyn SA may also sell shares to the public, Treasury Minister Aleksander Grad said in an interview with TVN CNBC Biznes today. He didn’t name the fourth company.
Polska Grupa’s share sale may become the biggest this year as it plans to raise as much as 5 billion zloty (1.4 billion) for investment, according to Grad. The proceeds from the sales of new shares will go to the companies and not the government.

Poland may dispose of its controlling stakes in utility Enea SA, chemical producers Ciech SA and Azoty Tarnow, as well as in the Warsaw Stock Exchange this year to meet its target of 12 billion zloty. Last year Poland sold 2.37 billion zloty of state assets.
“We should be able to meet this target but it will be hard in the current conditions,” Grad said.
The sale of the remaining state-owned stakes in domestic lenders, including Bank Pekao SA and Bank BPH SA, is “not being considered at all” after stock prices of financial companies dropped amid the global credit crunch, Grad said.

The benchmark WIG20 Index slid 16 percent this year, extending a record 48 percent decline in 2008, as the global crisis cut demand for riskier assets. The financial industry’s WIGBANK Index slumped 28 percent in 2009, after a 45 percent drop last year.

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