WARSAW, April 5 (Reuters) - The initial public offering (IPO) of Poland’s top coal trader Weglokoks may take place in early 2013 rather than late 2012, as market conditions may be more favourable then, a Polish minister was quoted as saying on Thursday.
“We want the company to be ready for privatisation in late autumn this year, but maybe spring next year will be a better date,” Deputy Economy Minister Tomasz Tomczykiewicz told the Dziennik Gazeta Prawna newspaper.
Fully state-owned Weglokoks said at the end of March its IPO, assuming the sale of 20-40 percent of the group’s shares, could be worth around 500 million zlotys ($158 million).
In the past two decades, Poland has struggled to make its ailing coal industry profitable. An increase in global coal prices in the last two years has helped to make some of the sector’s restructured businesses more attractive to investors.
If listed, Weglokoks would join coking coal producer Jastrzebska Spolka Weglowa and miner Bogdanka on the Warsaw stock exchange.
Poland last week approved an ambitious 15 billion zloty privatisation programme, assuming the sale of 300 state-controlled companies by the end of 2013, with the largest transactions expected to be conducted via the Warsaw bourse.
Privatisations via the stock exchange this year include the sale of possibly 100 percent of real estate holding PHN and a stake in power firm ZE PAK. The IPO of PHN is expected in the first half of 2012, with ZE PAK’s at the turn of September and October.
The country’s sales plans also cover its largest coal companies, Kompania Weglowa and Katowicki Holding Weglowy, but these are not expected to take place any earlier than in 2013.
$1 = 3.1680 Polish zlotys Reporting by Maciej Onoszko; Editing by Mark Potter