Eight Silesian coalmines turn to Treasury for privatization

Eight Silesian coalmines grouped in Katowicki Holding Węglowy (KHW) want to go public. The holding has already turned to the Treasury Ministry for its approval. The ministry in turn is now preparing to call a tender for the privatization advisor to the companies. Folowing losses of zł. 120 million in 2000 the holding shut down two of its most debt-incurring mines to reach zł. 25 million in profits in 2001. KHW's 2002 net profit stood at zł. 63.5 million and after the first quarter of 2003 it seems the company, whose balance value is around zł. 1.9 billion, is likely to stay afloat. Currently 25% of KHW's annual production of 18 million tones of coal is sold abroad. According to the holding's authorities, the best solution would be a stock market flotation. (Rzeczpospolita, p. B1) J.K.