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2011-12-23 - 15:20:00 - DJ INTERVIEW: Poland Moves Ahead With IPOs Of Grupa PHN And ZE PAK
 

*DJ Poland Picks UBS, Citi To Advise On Grupa PHN IPO -Official


(MORE TO FOLLOW) Dow Jones Newswires

December 23, 2011 09:09 ET (14:09 GMT)

*DJ Poland Picks JPM, Credit Suisse To Advise On ZE PAK IPO -Official


(MORE TO FOLLOW) Dow Jones Newswires

December 23, 2011 09:09 ET (14:09 GMT)

*DJ Poland May Float Energa If PGE Tie-Up Is Blocked By Court -Official


(MORE TO FOLLOW) Dow Jones Newswires

December 23, 2011 09:10 ET (14:10 GMT)

*DJ Poland May Conduct SPO Of Enea Shares -Official


(MORE TO FOLLOW) Dow Jones Newswires

December 23, 2011 09:10 ET (14:10 GMT)

DJ INTERVIEW: Poland Moves Ahead With IPOs Of Grupa PHN And ZE PAK


    By Marynia Kruk
    Of DOW JONES NEWSWIRES

WARSAW (Dow Jones)--Poland's Treasury Ministry has set in motion two privatization projects, of real estate holding company Grupa PHN SA and utility Zespol Elektrowni Patnow Adamow Konin SA, as it aims to raise 10 billion zlotys from asset sales in 2012, said Treasury Undersecretary of State Krzysztof Walenczak.

The Treasury Ministry has assigned the mandate to conduct the initial public offering of Grupa PHN to UBS AG (UBS, UBSN.VX) and Citigroup Inc. (C) and to conduct the IPO of ZE PAK to J.P. Morgan Chase & Co. (JPM) and Credit Suisse Group AG (CS, CSGN.VX), Walenczak told Dow Jones Newswires on Friday. Both had been slated for privatization.

The IPO of Grupa PHN, which is valued at "between $1 billion and EUR1 billion," depending on currency fluctuations, has been penciled in for June 2012, he added. Grupa PHN was created out of a merger of 14 state-owned companies with property holdings, mainly in the Polish capital, Warsaw.

"The Treasury wants to find an anchor investor or two for the company, to take a significant stake and managerial responsibilities at the company," Walenczak said. The size of the stake the government will decide to sell depends on the level of interest from potential anchor investors.

Walenczak said he plans to step down as Treasury undersecretary of state on Dec. 27 and plans to move into the private sector.

"Such an investor could take a pre-IPO tranche, a tranche in the IPO, or both," Walenczak said. "We're in talks with sovereign wealth funds on becoming such anchor investors."

Meanwhile, Walenczak said he expects ZE PAK to debut in the second or third quarter of 2012. The Polish government holds a 50% stake in ZE PAK, conglomerate Grupa Elektrim holds a 47.38% stake, and individual investors hold a 2.62% stake, according to the company's website.

Poland's Treasury and Elektrim have agreed that no new shares will be issued in the IPO. Walenczak expects the Treasury and Elektrim to reach an agreement in the first quarter on who will shares and how many.

Other privatization projects, valued at billions of dollars, are still in limbo.

The Treasury Ministry may opt to list Energa, Poland's fourth-largest utility, if its acquisition by larger rival PGE Polska Grupa Energetyczna SA (PGPKY, PGE.WA), also majority-controlled by the government, isn't approved on antitrust grounds.

"If the [antitrust] court doesn't give approval, we have to be prepared," Walenczak said. "We have to be prepared for both alternatives."

Meanwhile, other people at the ministry and their advisers will need to decide on the model for trimming the government's stake in another utility, Enea SA (ENA.WA), which has been the subject of several failed privatization attempts. One option would be a secondary public offering, with a tranche reserved for retail investors. Poland holds a 52.13% stake in Enea. Swedish utility Vattenfall AB holds an 18.67% stake.

-By Marynia Kruk, Dow Jones Newswires; +48 22 447 2431; marynia.kruk@dowjones.com


(END) Dow Jones Newswires

December 23, 2011 10:20 ET (15:20 GMT)

Copyright (c) 2011 Dow Jones & Company, Inc.

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