Poczta Polska nixes IPO plans

Image: poczta-polska.pl

State-owned postal operator Poczta Polska has decided against its earlier IPO plans, according to its latest strategy plan. “We do not see the necessity to be listed. The regulations regarding such companies can limit the possibilities to accomplish set goals, as you have to take into consideration minority shareholders. We want Poczta Polska to remain in 100 percent a state owned company,” deputy infrastructure minister Kazimierz Smoliński said.

Poczta Polska new strategy assumes increasing revenues to PLN 6.9 billion by 2021 (in 2015, the company had PLN 5.5 billion revenues) and hopes to  double revenues from courier and parcel services and a five-fold growth in logistics services. “This year our revenues have to be by several hundred PLN million higher for the strategy to be implemented,” Poczta Polska CEO Przemysław Sypniewski said.

The company plans to invest PLN 400 million annually in IT systems, logistics and the branch network. The company also withdrew from its plans to list its banking unit Bank Pocztowy.

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