12 December 2005 13:40 [Source: ICIS news]
PRAGUE (ICIS news)--Two Polish chemical plants could be fully privatised under plans being drawn up by a government agency on Monday.
State oil and chemicals agency for strategy and privatisation, Nafta Polska, said it had received Treasury Ministry instructions to prepare for a possible state sell-off of Zaklady Azotowe Pulawy (ZAP) and Zaklady Chemiczne Police.
The state currently holds a 71.15% stake in caprolactam, melamine and nitrogen fertiliser producer ZAP – following an initial public offering of 28.85% of the firm in October – and an 80% stake in Police, a titanium dioxide and mineral and urea fertilisers producer.
Nafta Polska said investors should probably expect public offerings of the firms to be made in the first half of 2006. A spokesman said no decision had been taken over whether all the remaining state shares in the firms or just a proportion of them would be sold.
Police plans to invest Zloty500m ($152.4m/Euro129.4m) by 2008, with investment plans including the establishment of an ammonium sulphate plant, expansion of titanium pigments capacity to 65,000 tonne/year and modernisation projects for cutting fertiliser production costs.
ZAP raised just over Zloty300m from its IPO which was channeled into the company's Zloty700m development programme for the next three years, that includes increases in its melamine and fertilisers production capacities.
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