Poland set to launch flotation of utility PAK
WARSAW (Reuters) - Poland will launch the initial public offer of its 50-percent stake in ZE PAK, the country's No.5 electricity producer, in the fourth quarter as part of a $3 billion privatization plan, the company said on Wednesday.
The flotation, estimated to be worth some 800 million zlotys ($251 million), will be one of Warsaw's biggest listings this year and PAK will join several state-controlled utilities on the stock exchange, including top player PGE PGE.WA.
In 2011, PAK produced approximately 10.1 terawatt hours (TWh) of electricity and it controls power stations with total capacity of less than 2.5 gigawatts.
It produces 96 percent of its power from lignite, the second most important source of energy in Poland after hard coal. The company's two mines extracted a total of 13.8 million metric tons (15.2 million tons) in 2011.
The energy group had revenues of 2.69 billion zlotys and a core profit (EBITDA) of 769 million last year.
Polish media and telecoms magnate Zygmunt Solorz-Zak ceded day-to-day control of the miner in exchange for the right to gain a majority stake in the IPO.
Credit Suisse, ING, JP Morgan and UniCredit are acting as joint global coordinators and bookrunners for the offer. Other brokerages acting as joint bookrunners will be Espirito Santo Investment Bank, Ipopema Securities, Trigon and PKO BP.
($1 = 3.1857 Polish zlotys)
(Reporting by Chris Borowski; Editing by Hans-Juergen Peters)
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