PLN 2.6bn in privatisation revenues at the end of January

2010-02-08

Gross revenues from privatisation amounted to PLN 2.56bn (approx. €629m) at the end of January, according to data from the Ministry of the Treasury. This represents a little over 10% of the yearly target, which is PLN 25bn (€6.1bn).
The ambitious target is central to the government’s objective to keep public debt below 55% of GDP in the coming years, amid growing fiscal pressures caused by the crisis. It envisages several hundred share sales, including e.g. the initial public offering of PZU, the insurance firm, and PGE, the power group; the sale to industry buyers of two chemical groups, two energy groups, and two lignite mining companies; and the sale of residual stakes (i.e. holdings below 10%) in 77 companies.
The PLN 2.56bn raised in January came mainly from the sale of 10% of shares in KGHM, the copper mining group, and 10.8% of shares in Grupa Lotos, the oil group.
By way of comparison, in 2009 receipts from privatisation totalled PLN 6.97bn (PLN 1.6bn).

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