Poles review privatisation plans to hold onto PGNiG
28 May 2008 13:21 [Source: ICIS news]
PRAGUE (ICIS news)--Poland is to review its chemical sector privatisation programme in order to ensure the state maintains strategic control of gas monopoly PGNiG, a spokesman for the country’s Ministry of the Treasury said on Wednesday.
The move could see stakes in melamine, caprolactam and nitrogen fertilizer producer ZA Pulawy (ZAP) and nitrogen fertilizer and titanium dioxide (TiO2) producer Zaklady Chemiczne Police (ZChP) transferred to PGNiG, he added.
The current privatisation plan foresees 50.73% of ZAP and 68.2% of ZChP floated on the Warsaw Stock Exchange in 2009 or 2010.
Reconsideration of that approach was underway due to the government’s wish to honour the pledge made by a previous administration to give a 13% share of PGNiG to its workers, the unnamed spokesman said.
This would take the state’s stake in the gas company below the 75% level it needed to maintain strategic control over its decisions, he added.
By transferring ZAP and ZChP stakes to PGNiG, however, the state could raise the firm’s capital and rebuild its holding above the 75% threshold, he said.
“Given the natural gas/fertilizer link between PGNiG and these two companies there are vertical integration synergies to be gained,” the spokesman added.
PGNiG also recently made clear its interest in buying stakes in two other state-held Polish nitrogen fertilizer producers, namely Zaklady Azotowe Tarnow (ZAT) and Zaklady Azotowe Kedzierzyn (ZAK).
Current plans see ZAT, also a producer of caprolactam and plastics, going ahead with an initial public offering (IPO) this year, while ZAK, also a small plastics and petrochemicals producer, should commence its IPO next year.
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By: Will Conroy
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