The Polish authorities are ready to sell to private investors by state-owned shares in the financial, energy, mining and telecommunications companies to finance the state budget deficit, which in 2010 could double to nearly 52.2 billion zlotys ($ 17.7 billion). The amount the government expects to receive in the sale of state-owned shares is about 10% of the market value of assets traded on the Warsaw Stock Exchange.
Among stocks - packages in the coal company Lubelski Wegiel Bogdanka, electricity producers PGE, insurer PZU and PKO Bank Polski. All these companies are the largest in their sectors. Shares Lubelski Wegiel Bogdanka soared by 58% since its IPO in June. PGE October 12 announced that it intends to collect 5 billion zlotys ($ 1.7 billion) within two weeks during this year's largest IPO in Europe.
Shares may also be sold in exchange trading. Poland's largest bank PKO Bank Polski is selling this month, the new shares worth 5.1 billion zlotys to finance its expansion. The largest Polish insurer PZU may expose the company to sell part of its shares next year. The mobile operator Polkomtel, which is controlled by two state companies, also considering the possibility of IPO, while these shareholders may be to sell 46% stake.
Warsaw Stock Exchange WIG20 index in 2009 increased only 24%, falling significantly below the composite index of emerging markets MSCI Emerging Markets (67%). "Such a great offer on the stock exchange may lead to an outflow of funds from the market and influence the placement of other assets. Warsaw Stock Exchange will be difficult to match the revenue with other markets," - said Eva Radkovska-Suetonius, Manager of ING PTE, administering the second largest pension fund in Poland with assets of $ 14.3 billion
The expert did not rule out that the sale could cause "temporary shock on the part of investors." She said the government would feel pressure on the value of the shares offered for sale and their conformity with the demand, while investors will demand discounts of 10% to 20%, depending on the industry. Among the selling of state assets Radkovska-Suetonius calls especially attractive to energy investors because the growth potential of shares of generating companies is of interest to the Polish pension funds, which will have an opportunity to expand their portfolios of assets, and in the future and make good money.
Economist, Bank PKO Bank Polski Lukasz Tarnawa notes that the Polish energy companies interested in European industry giants such as Germany RWE. The economist doubts that the Government of Poland will be able to earn during the sale of state shareholdings in the planned $ 10 billion, "I do not think it will turn to gain from the sale of more than $ 6.7 billion", - considers Tarnawa.
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