PHN still on sale – Treasury

Poland’s Treasury Ministry is still willing to sell a majority stake in real estate group Polski Holding Nieruchomości (PHN), Deputy Treasury Minister Wojciech Kowalczyk was quoted as saying by the Polish Press Agency. The Treasury said earlier this week that it failed to choose an investor for PHN. “The closing of the due diligence process without choosing an investor is related to the fact that our price expectations were not satisfied,” Kowalczyk said. “We are still open and we are waiting for interesting offers and a possible tender. We will then analyze the conditions,” he added. The Treasury now holds 71.3 percent in PHN. It wants to sell a majority stake through a public tender. In the first stage of the company’s privatization, it sold a 25 percent stake on the Warsaw Stock Exchange.