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  • Faithful to my Homeland, the Republic of Poland

     

  • PRIVATISATION PLAN FOR 2008-2011

  • The Polish Privatisation Programme - Key Projects for the Years 2009-2010

    for further information go on http://www.msp.gov.pl/portal/en

    "Privatisation Plan for 2008-2011" prepared by the Ministry of Treasury and approved by the Council of Ministers in April 2008 provides for the privatisation of 802 companies, and has been underway for the last 18 months. With relation to the government's decision to increase the pace of the privatisation considerably, the Ministry of Treasury has developed the update of the four-year program for the next 18 months, involving the selection of 58 key companies to be privatised in the years 2009-2010: 19 companies by the end of 2009, and the remaining 39 companies in 2010.

    The key privatisation project offer includes:

    1. Energy Sector

    Enea S.A. has been listed on the Warsaw Stock Exchange since 17 November 2008. The Ministry of Treasury owns 76.48% of the shares and intends to sell 67.05% of this amount
    in 2009 through negotiations. On 27 July 2009 the Ministry of Treasury announced an invitation to negotiations and on 17 August 2009 it decided to invite a potential investor to the next stage of privatisation of Enea. PGE Polska Grupa Energetyczna S.A. is a parent company of the largest Polish capital group in the energy sector and one of the largest groups in Central and Eastern Europe. The Treasury owns 100% of the shares, and intends to sell up to 10% of this amount on the Warsaw Stock Exchange in 2010 as a stake of shares to be sold in several lots. The first phase of privatisation involves the listing of PGE shares on the Warsaw Stock Exchange in 2009. Consisting of 94 companies, Tauron Polska Energia S.A. is Poland's second-largest provider of electric power. The Treasury owns 100% of the shares and intends to sell a part of its stake to the level enabling to retain the state control over the company, in the IPO on the WSE or through negotiations with sector investors on the basis of public invitation. Energa S.A. controls a capital group of 44 companies. The Treasury owns 100% of the shares and intends to sell 85% in 2010 through negotiations with industry investors. Zespół Elektrowni Pątnów Adamów Konin S.A. is Poland's second-largest provider of electric power obtained from brown coal. The privatisation process will involve the sale through negotiations of the entire stake of 50% shares owned by the Treasury in 2010.
    Other energy companies intended to be sold in 2009 include: Wojewódzkie Przedsiębiorstwo Energetyki Cieplnej S.A., Elektrociepłownia Zabrze S.A., Nadwiślańska Spółka Energetyczna S.A. and Zespół Elektrociepłowni Bytom S.A., in which the Treasury will sell through negotiations 85% out of 100% of shares, as well as Zespół Elektrociepłowni Wrocławskich Kogeneracja S.A. (3.68%, sale on the regulated market). Thirteen more companies from this sector are intended to be privatised by 2011.

    2. Chemical and Plastics Sector and Chemical Resources Mines

    Intended to be privatised in 2009 are the companies forming the so-called First Chemical Group of the Great Chemical Synthesis: Ciech S.A., Zakłady Azotowe Kędzierzyn S.A. and Zakłady Azotowe Tarnów. The Treasury owns 36.68% of the shares in Ciech and (together with Nafta Polska S.A.) 86.28% and 52.56% of the shares in ZA Kędzierzyn and ZA Tarnów respectively. Respectively 36.68%, 86.28% and 52.15% of the shares of these companies are intended for sale. Privatisation of the companies forming the group shall take place in 2009 through negotiations conducted by Nafta Polska S.A. pursuant to the agreement with the Treasury. On 26 June 2009, Nafta Polska published the invitation to negotiations. The deadline for submitting written responses is 15 September 2009.
    Intended for sale through negotiations in 2010 are two further Great Chemical Synthesis companies, i.e. Zakłady Azotowe Puławy S.A. (50.12% out of 50.70% of shares owned by the Treasury) and Zakłady Chemiczne Police S.A. (59.23% out of 59.41%). Intended is also the sale through negotiations of 85% out of 100% of shares owned by the Treasury in Azoty-Adipol S.A. and Kopalnie i Zakłady Chemiczne Siarki Siarkopol w Grzybowie S.A. 12 companies from these sectors will be sold in 2009-2011.

    3. Financial Institutions

    Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange), in which the Treasury holds 98.82% of shares, will be privatised in 2009. Currently, the process of verification of initial offers placed by 4 investors is underway. In 2010, the sale of 3.68% in the bank BPH S.A. and 2.49% in Bank Handlowy w Warszawie S.A. is planned (most probably on the regulated market). The list of privatisation projects for the years 2009-2010 also includes PKO BP S.A., in which the Treasury holds 51.49% of the shares. As part of its expansion plan, the bank will issue new shares to increase the share capital. By 2011, the Ministry of Treasury also plans to privatise another 6 financial institutions.

    4. Coal Mines, Mining Related Industry and Coke Industry

    Lubelski Węgiel Bogdanka S.A. - one of the Poland's largest coal mines, debuted on 25 June 2009 on the Warsaw Stock Exchange. Following an initial public offering the Treasury retained a majority stake. Upon registration of increase of the company's share capital, the Treasury's share will be 65.50%. Also earmarked for privatization in 2010 are Kopalnia Węgla Brunatnego Konin S.A. and Kopalnia Węgla Brunatnego Adamów S.A., in which the Treasury intends to sell through negotiations 85% of its 100% stake. By 2011, the Treasury plans to privatise another 8 companies from these sectors.

    5. Pharmaceutical Sector

    In 2010, the sale through a public tender of 41.65% out of 49.00% stake held in Cefarm-Rzeszów S.A. is planned as well as privatisation of Tarchomińskie Zakłady Farmaceutyczne Polfa S.A. (16.71%) and Warszawskie Zakłady Farmaceutyczne Polfa S.A. (5.14%), as well as 5 more companies from the pharmaceutical sector.

    6. Petroleum Industry

    In 2010, the Treasury plans to sell a part of its stake in Grupa Lotos S.A. (63.97% together with Nafta Polska) with retaining a majority stake by the Treasury, and through negotiations 85% of its 100% stake held in OBR Przemysłu Rafineryjnego S.A. By 2011, another 3 companies from the Polish oil industry will be privatised.

    7. Iron, Steel and Non-Ferrous Metallurgy and Rock Materials

    Earmarked for sale in 2009 on the regulated market is 4.52% of the Treasury's share in Grupa Kęty S.A. In 2010, the sale up to 10% of the Treasury's stake held in the company KGHM Polska Miedź S.A. is planned while retaining ownership control over the company, and 85% out of 100% held in Centrozłom Wrocław S.A. (negotiations) and Zakłady Górniczo-Hutnicze Bolesław S.A. (sale on regulated market). By 2011, the privatisation of another 19 companies from these sectors is planned.

    8. Defence industry

    In 2010, the sale of the entire stake held by the Treasury in Huta Stalowa Wola S.A. (56,82%, through negotiations) is planned and 85% out of 100% held in Zakłady Tworzyw Sztucznych Gamrat S.A. (negotiations, initial offers shall be filed by 15 September 2009).
    In the years 2009 and 2010 the Treasury plans to privatise its entire stake held in Wytwórnia Sprzętu Komunikacyjnego PZL-Kalisz S.A. (53.94%, through negotiations). By 2011, the privatisation of another 28 companies from the defence sector is planned.

    9. Construction, building industry and ceramics

    In 2009, the Treasury will sell 2.12% of its shares held in Cersanit S.A. and 3.50% in Elektrobudowa S.A. By 2011, the Treasury will sell its shares in about 50 more companies in these sectors.

    10. Trade enterprises and enterprise development agencies

    In 2009, the sale of 33.21% shares in Kopex S.A. is planned on the regulated market. In 2010, the State Treasury will sell through a response to a call preceded by negotiations its whole 55.07% stake in Ruch S.A., the largest Polish press distributor and one of the largest distributors of FMCG articles, and through the public offer 85% of its 100% stake in Towarzystwo Obrotu Nieruchomościami Agro S.A. and Intraco S.A. The Ministry of Treasury also plans to sell its whole stake in Nadwiślańska Spółka Mieszkaniowa Sp. z o.o. (96.47%, through negotiations). By 2011, it is planned to sell another 15 trade enterprises and 12 enterprise development agencies.

    11. Wood, paper and furniture industries

    Mondi Packaging Paper Świecie S.A. (5%, sale on the regulated market) and Fabryka "Sklejka-Pisz" S.A. (85% out of 100%, through negotiations) are earmarked for privatisation in 2009. By 2011, it is planned to privatise another 12 companies from these sectors.

    12. Tourism

    In 2009, the privatisation of Gliwicka Agencja Turystyczna S.A. (100%, through an auction) and Wojewódzkie Przedsiębiorstwo Usług Turystycznych Sp. z o.o. (85% out of 100%, through negotiations) is due to be carried out. The 4-year privatisation plan also envisages to privatise another 11 tourism companies.

    13. Metal and machine industries 

    In 2010, the State Treasury intends to sell on the basis of negotiations its 85% out of 100% shares in Remag S.A. For Zakłady Górniczo-Metalowe Zębiec S.A. various privatisation methods are considered. By 2011, it is planned to privatise about 60 more companies from these sectors.

    14. Food, sugar, meat, distillery and farming-related industries
     

    In 2010, the State Treasury plans to sell its stake in Warszawski Rolno-Spożywczy Rynek Hurtowy S.A. (59.32%), for which, along with Fabryka Osłonek Białkowych "Fabios" S.A., various privatisation methods are considered. By 2011, it is planned to privatise about 50 more companies from these sectors.

    15. Transport and transport means industries

    The Ministry of Treasury list of privatisation projects includes Polskie Linie Lotnicze LOT S.A., in which the State Treasury holds 67.97% of shares. The 4-year privatisation plan also envisages to privatise 115 companies from the transport sector, including about 80 public road transport enterprises (the so-called Przedsiębiorstwa Komunikacji Samochodowej).

    16. Other sectors

    In 2009, the State Treasury will sell its shares in Telekomunikacja Polska S.A. (1.04% out of 4.15% of shares owned, on the regulated market). In 2010, the remaining 3.11% of the shares will be sold. By 2011, the State Treasury shares in another 3 telecommunication companies will be sold. In 2010, the State Treasury intends to sell through negotiations 85% of the shares in Polska Żegluga Bałtycka S.A. (and by 2011 another 10 companies from this sector), Zakłady Graficzne "Dom Słowa Polskiego" S.A. (and by 2011 another 18 companies from the publishing and printing sector), Zespół Uzdrowisk Kłodzkich S.A. (and by 2010 another 11 health resorts) and Lubuskie Zakłady Aparatów Elektrycznych Lumel S.A. (and by 2011 the remaining 16 companies from the electrical and electronic sectors) as well as Dipservice w Warszawie S.A. It is also planned to privatise Mennica Polska S.A. through the sale of the whole 31.64% State Treasury stake on the regulated market. The Privatisation Plan for 2008-2011 also envisages the privatisation of 7 companies from the shipbuilding industry, 16 from the farming and breeding sector, 23 from the clothing industry, 26 of service entities, 29 companies from the NFI programme, as well as other residual stakes, not mentioned above.

    KEY PRIVATISATION PROJECTS FOR THE YEAR 2010

     

    http://www.msp.gov.pl/portal/en

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