PIR launches book-building for PGE shares

State-owned investment vehicle Polskie Inwestycje Rozwojowe (PIR) has launched an accelerated book-building to 65.4 million shares of Poland’s largest utility PGE, the Polish Press Agency (PAP) reports. The stock represent 3.5 percent in the energy firm and are worth over PLN 1.3 billion. The shares are formally owned by the State Treasury, but the sale proceeds will go to PIR to finance projects within the Polish Investments program. The Treasury currently holds 61.89 percent in PGE. Analysts quoted by PAP expect the shares to sell well. Since the beginning of this year, PGE shares have gained more than 30 percent on the Warsaw Stock Exchange.