Wednesday, 4 November 2009

Poland chemical privatisation moves a step closer

The boards of Ciech, Tarnów and Kędzierzyn are to present the financial situation and investment strategies of their companies to potential investors from the short-list this week, according to Adam Leszkiewicz, deputy treasury minister, told the Polish News Agency (PAP), quoted in Polish Market Online.
‘Investors interested in the privatisation of the first group of chemical plants have scheduled meetings this week with the boards of Ciech, Tarnów and Kędzierzyn plants, which will present their financial situation and strategy’ Leszkiewicz said.

The six short-listed companies are: an American private equity investment fund Bain Capital Ltd; a consortium of a British investment fund Cinven Ltd and an international advisory company Kolaja & Partners Ltd; private fund NQI (National Qatar Industries Company), specialized in oil, gas and petrochemical investments; German capital group PCC SE; Lithuanian UAB Achema Group and capital group I Fund Mistral SA.

The Polish Treasury would prefer to sell all three companies to one investor by the end of 2009. However, the companies may be sold separately.

Nafta Polska, a state-owned company set up to handle the privatisation
The companies are due to be privatized by the end of this year, but this is unlikely! The economic climate and collapsed demand in central and eastern Europe may jeopardise this.

(Image of Ciech HQ courtesy of Wikipedia)

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