12 October 2009 16:10 [Source: ICIS news]
PRAGUE (ICIS news)--The Polish treasury ministry is working on a plan to speed up the privatisation of crisis-hit Zaklady Chemiczne Police (ZChP) by offering its shares in a tender rather than negotiating for a strategic investor, a deputy treasury minister said on Monday.
Adam Leszkiewicz said that given second-largest Polish fertilizer producer ZChP's ongoing struggle to remain solvent, this might be a better way to privatise the company.
“We're just waiting for a government rubber stamp. We're convinced this is the best way out of trouble for the company,” added a source at the treasury ministry.
Adopting the method would mean abandoning plans to sell off ZChP in a package with largest Polish fertilizer producer Zaklady Azotowe Pulawy (ZAP), said the source. “ZAP is in rude health and can afford to wait for a shortlist of strategic bidders to be identified, but ZChP really cannot,” the source added.
In an update on its difficulties, ZChP said that in September it sold just 50,000 tonnes of nitrogen phosphorus potassium (NPK) and nitrogen phosphorus (NP) fertilizers, less than half the usual volume.
The state holds 59.43% of ZChP and 50.72% of ZAP.
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