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Poland expects to get offers for developer PHN in April
March 20, 2014 / 10:57 AM / in 4 years

Poland expects to get offers for developer PHN in April

WARSAW, March 20 (Reuters) - The Polish treasury expects to receive an offer for its majority stake in real-estate holding company PHN next month, as the ministry aims to privatise the company in the first half of this year, the deputy treasury minister said on Thursday.

“Technically it is possible that a bid for PHN will happen in April,” Pawel Tamborski told Reuters.

The group, with a real-estate portoflio estimated at 2.23 billion zlotys ($738.9 million), swung last year to a net profit of 107 million zlotys from a loss of 186 million in 2012.

The treasury controls 73 percent of PHN, a stake that the market values at almost 1 billion zlotys ($331.33 million) or a fourth of what the ministry aims to raise through its privatisation plan for this year.

The treasury plans to sell the stake to a “strategic” investor, meaning a real estate company or investor in the sector. ($1 = 3.0181 Polish Zlotys) (Reporting by Adrian Krajewski; Editing by David Holmes)

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