Poland places 190 on list of state firms due for ownership changes
August 6, 2014
The Polish government has identified 190 fully and partially state-owned firms up for potential sale, with a special focus on putting more value in trade on the Warsaw Stock Exchange, a strategy document by the Treasury Ministry shows.
Listed power groups Enea and Energa, along with listed coal miner Bogdanka, a coking unit of listed coking coal miner JSW, listed real estate group PHN and airlines PLL LOT & Eurolot figure prominently on the list of eventual sale items.
The preferred privatization method in the case of "large state-held companies" will be sale on the regulated market including the process of IPO, the document reads.
The government cites the dual goals of "professionalization of supervision and building value of entities important for the economic security of the state" and "decreasing state exposure in those areas in which that exposure is not indispensable," the cabinet wrote in a statement following Tuesday rubber stamping of the document.
A list of 22 state-held companies that will remain under the Treasury control includes Grupa Azoty chemicals, Lotos fuels, KGHM copper, PGE power, PKN Orlen fuels, PGNiG natural gas, PKO BP bank, PZU insurance and Tauron power.
Measures aimed at building the value of companies with a state stake in 2014-215 will entail options for capital increase and improvement of competitiveness, promotion and initiation of cooperation with R&D partners and optimal use of assets by joint ventures of firms with state stakes.
Concerning the dividend policy for state-held firms, Poland will take a flexible, case-by-case approach, taking into account market situation, position in the sector, investment needs, sources of operating profit or stable balance sheet structure. Those principles will be put in a separate document.
The document covers only companies supervised by the Treasury Ministry.