Bank Millennium switches track on sale of PZU shares

The reason behind this was the news that the bank is planning to sell 10% of its shares in PZU, which are worth about zł.1.4 billion. Back in October the bank's president Bogusław Kott claimed that he had no plan to sell the shares. According to the firm's spokesman, Wojciech S. Kaczorowski, the change of stance is connected with the information given by Treasury Minister Jacek Socha who disclosed some time ago that PZU might go public in the middle of 2005. It has been estimated that Millennium could record a gross profit of as much as zł.200 million if it sold its PZU stake. "At the moment we are only considering such a possibility. We have not received any proposals yet," said Kaczorowski. (Parkiet, p. 3) A.F.