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Investors lose interest in Poland


Das Finanzdienstleistungsunternehmen Credit Suisse soll nun für 
die polnische Regierung den Verkauf der Beteiligung an Enea managen.

The financial services firm Credit Suisse is now managed for the Polish government to sell its stake in Enea.

BERLIN. The share sale of the power company Enea has proved a bad omen for other planned major issues of the Polish state. With only 16 zloty (3.94 euros had converted) per share, the Polish Ministry of the Treasury yesterday, 70.9 million shares on the market. That was eight percent below the market price. Since the Enea papers Warsaw Stock Exchange yesterday, rose by just over two percent to 17.77 zlotys, proved to be the secondary offerings of the third largest Polish supplier but as a bargain for investors.

Got out in October, when the energy giant RWE in Essen from negotiations on an entry at Enea, the rate was even at 25 zloty. The pricing range for the 16 percent stake in Enea was fixed from 15.50 to 17.50 zloty. 18.7 percent of the electricity company is already among the Swedish utility Vattenfall.

The Polish government plans soon to sell another 50 percent of Enea to a strategic investor in the industry and give up his contribution Enea. For the deal has already been hired Credit Suisse, which also managed the sale yesterday of financial investors, and Rothschild Polska.

"Yesterday’s ranking shows fatigue in the market compared to the rapidly increasing IPOs in Poland, Eastern Europe analyst Simon Quijano-Evans of Crédit Agricole Chevreux says. That was one of the reasons why his house’s assessment of Polish equities as "neutral." At the same time, however, his house, individual securities such as Bank Handlowy in Poland, at its buy recommendation list. Also Marek Mikuc by the fund provider Allianz Polska sees "the situation after a few setbacks as to become more difficult." "But the government has reaffirmed its course towards privatization and will continue the stock sales well."

Poland’s Treasury Minister Aleksander Grad is planning a major privatization program and intends later this year to 25 billion zloty (6.1 billion euros repel converted) state holdings – mostly via Exchange. These holdings alone are to be sold at 29 large companies, such as the largest power group PGE, Tauron his pursuer, the hut ZGH Boleslaw Group, the insurer PZU, the press distribution Ruch, Bogdanka coal company and the largest Eastern European telecom giant Telekomunikacja Polska.

According to Ludwik Sobolewski, head of Warsaw’s stock exchange GPW, is formed according to the listings of PGE, Enea, the Czech electricity giant CEZ and the IPO of Tauron one out especially for investors interested in energy values important commercial center. Warsaw Stock Exchange has risen over the past year the main floor and Eastern Europe has outstripped even the Vienna Stock Exchange. Poland 2009 was the only EU country with economic growth.