Treasury to keep majority stake in JSW coal company
October 2, 2012
Poland’s Treasury will keep a majority stake in listed coal miner JSW for the time being in the light of protests voiced by the Economy Ministry, and will return to the idea in a year or two, Treasury Minister Mikolaj Budzanowski said in an interview for public radio Trojka.
" . . . For the time being this majority stake will remain and the future will show what we will do next year or in two years when it comes to privatization of the mining sector," Budzanowski said, when asked about Treasury intention to reduce stake in miner JSW while keeping control over the company.
" . . . if there is no consent to sell a part of the majority stake, it is not a problem for us," Budzanowski said, referring to the opposition voiced by Economy Minister Waldemar Pawlak.
Economy Minister Waldemar Pawlak has recently sent a letter to Budzanowski, protesting against plans to reduce in JSW from 57% currently to 34% (with retention of corporate governance).
On September 24 Budzanowski told PAP Polish news agency Treasurey could be selling shares in listed insurer PZU, miner JSW and bank PKO BP in accelerated book-building by the end of 2013.