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Poland picks advisers for listing of power company Energa

WARSAW | Thu Aug 1, 2013 9:39am EDT

WARSAW Aug 1 (Reuters) - Poland has hired advisers for this year's listing of power supplier Energa - the country's last fully state-owned electricity utility, the ministry overseeing the privatisation of state assets said on Thursday.

A deputy treasury minister warned on July 8 that Energa's flotation may be delayed and said the government was also considering an alternative method of privatisation.

"The treasury ministry confirms its intention to conduct an IPO still this year but this will depend, among other things, on market conditions," the ministry said in a statement.

Poland is expected to retain 50 percent of Energa. Its chief executive said on June 26 he expected to raise more than 500 million zlotys ($160 million) from the sale of new shares.

The intial public offering of Energa - the smallest of Poland's power companies and with the most renewable energy capacity - is part of a 5-billion-zloty ($1.6-billion) privatisation plan for this year.

The ministry said it picked UBS and JP Morgan as global coordinators for the Energa transaction.

Citi Handlowy, PKO BP, UniCredit, Espirito Santo, Bank of America Merrill Lynch, Ipopema, BRE Bank and BNP Paribas will also take part.

 
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