Flotation of PZU might not be possible this year
Treasury Minister Aldona Kamela-Sowinska admitted that the plans of flotation of a 50% stake in Poland's largest insurance company Powszechny Zaklad Ubezpieczen (PZU) might not be possible this year. Kamela-Sowinska said, however, she would do everything to solve the ongoing dispute with the company's minor shareholders Eureko and BIG Bank Gdanski, owning together 30% of shares in PZU, so that the company's initial public offering could take place by the end of 2001, as planned. The operation was to bring the state coffers some PLN 5bn (USD 1.22bn), which would be very helpful in meeting this year's budgetary plans to obtain PLN 18bn (USD 4.42bn) from privatisation. Since last week, the ministry has been talking with representatives of Eureko and BIG, but it seems that reaching an agreement might be delayed as the treasury ministry could not fire PZU Zycie's (PZU's life subsidiary) CEO Grzegorz Wieczerzak, as promised to Eureko. Eureko announced it would closely watch the situation and counteract any attempts to place PZU on the bourse in breach of the privatisation deal. bb, kp
Źródło:IntelliNews Daily
