PKO BP IPO OKed

Neither the commission nor the bank's representatives have disclosed any details on this long-awaited offer. It is expected that 258 million shares will be initially available, along with a further 42 million in reserve should demand exceed the first tranch of shares. According to Parkiet sources, the issue prospectus will be published around the end of September. "We are very content with KPWiG's decision. The bank is well prepared for privatization," said PKO BP president Andrzej Podsiadło. The Treasury Ministry estimates that the issue will raise zł.5-6 billion for the budget. Treasury Minister Jacek Socha announced that the share sale is planned for the second half of October. BGŻ Brokerage House will be in charge of the stock floatation. (Poland A.M.)