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Poland says sticks to KGHM, Lotos holdings for now.

M2 EQUITYBITES-September 24, 2013-Poland says sticks to KGHM, Lotos holdings for now(C)2013 M2 COMMUNICATIONS

24 September 2013 - The Polish government will not shed any shares in copper producer KGHM Polska Miedz SA and will keep its control over oil refiner Grupa Lotos SA for the time being as those companies have strategic significance for the country's economy, Reuters cited deputy treasury minister Pawel Tamborski as saying.

The state has a 32% stake in KGHM as well as a 53% interest in Lotos.

According to Tamborski, even without resorting to an offload of shares in KGHM and Lotos, as the markets had expected, the government would be able to meet its PLN3.7bn (USD1.2bn/EUR876m) privatisation target as part of the 2014 budget.

Tamborski added the Treasury expected a state exit from real estate firm Grupa PHN SA in 2013, while also noting it would be difficult to deliver next year on the plan to sell shares in utility Enea SA due to uncertainty among investors amid a debate on new energy legislation.

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Publication:M2 EquityBites (EQB)
Date:Sep 24, 2013
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