Privatization Notes
The ministry also said that 20% of the firm will be offered to employees while 5% kept by the ministry for restitution aims. Chemadin had a net loss of zl. 251,000 ($100,000) in 1994 on zl. 8.2 million ($3.3 million) sales but it should break even this year.
The government may launch a new tender for the privatization of a tobacco plant based in Lodz, because it is not satisfied with current bids from investors. In November, the treasury sold a 33% stake in its Augustow tobacco firm to British American Tobacco Industries PLC for $88 million with an option to extend the stake later on. Tobacco plants in Poznan and Krakow will be privatized early next year and another plant in Lublin - later in 1996. Industrial sources say U.S.-based Philip Morris, Germany's Reemtsma and Spain's Tabaccalera are among foreign investors interested in the sales.
The Privatization Ministry announced a tender for 75% of a loss-making building-stone producer, Przedsiebiorstwo Kamienia Budowlanego in Radkow. Investors interested in the company can place bids for at least 10% in the company until Jan. 15. Also, 20% of the firm will be offered to employees, while 5% kept by the ministry for restitution aims. The company had a net loss of zl. 530,500 ($220,000) for the first half of 1995 - higher than sales that reached zl. 459,300 (190,000). It employs about 80 workers.
Poles have bought about one million participation units in the Mass Privatization Program since the launch of the scheme on Nov. 22. Under the program about 28 million adult Poles are entitled to pick up the units for a nominal price of zl. 20 ($8) within a year from the program's kick-off. Each certificate represents a part of the assets of 512 firms taken over by 15 National Investment Funds and later will be exchangeable for 15 shares, one share in each of the funds. The Privatization Ministry is monitoring the sales carried out by the state-owned bank Powszechna Kasa Oszczednosci (PKO BP) and announces the results every Monday. The government will extend the sale of participation units in the country's mass privatization scheme beyond November if they are still in demand by that date. The certificates could be turned into shares in 15 investment funds controlling over 500 firms.
The government will privatize up to 10 firms by the end of 1995 and will sell off several dozen others next year. Among the firms to be sold this year will be Poland's biggest aluminum smelter Konin SA, non-ferrous mill Kety SA, brewery Glubczyce SA, chemical equipment maker Chemar SA and two electric equipment producers Fael SA and Apena SA. The 1995 national budget sets privatization revenues at zl. 2.4 billion ($1 billion). The government should sell off the second tobacco company this year. The ministry earlier said the second tobacco plant to undergo privatization was likely to be the one based in Radom. The offering of a minority stake in KGHM Polska Miedz SA copper combine will be next year's biggest privatization. Among other large privatizations will be the sales of the national air carrier LOT SA, fertilizer producers based in Pulawy and Tarnow and pharmaceutical plants based in Krakow, Poznan and Rzeszow. Breweries in Lezajsk, Tychy, Zabrze and Sierpc will be privatized as well as several meat producers and construction companies. Privatizations of retail network Ruch SA, department stores chain Domy Towarowy Centrum SA and two chemical firms - Janikosoda SA and Soda Matwy SA - originally scheduled for late 1995 will be completed early next year. The government will start preparations next year for the public sale of the large tourist agency Orbis SA, likely to take place in 1997.
The government may launch a new tender for the privatization of a tobacco plant based in Lodz, because it is not satisfied with current bids from investors. In November, the treasury sold a 33% stake in its Augustow tobacco firm to British American Tobacco Industries PLC for $88 million with an option to extend the stake later on. Tobacco plants in Poznan and Krakow will be privatized early next year and another plant in Lublin - later in 1996. Industrial sources say U.S.-based Philip Morris, Germany's Reemtsma and Spain's Tabaccalera are among foreign investors interested in the sales.
The Privatization Ministry announced a tender for 75% of a loss-making building-stone producer, Przedsiebiorstwo Kamienia Budowlanego in Radkow. Investors interested in the company can place bids for at least 10% in the company until Jan. 15. Also, 20% of the firm will be offered to employees, while 5% kept by the ministry for restitution aims. The company had a net loss of zl. 530,500 ($220,000) for the first half of 1995 - higher than sales that reached zl. 459,300 (190,000). It employs about 80 workers.
Poles have bought about one million participation units in the Mass Privatization Program since the launch of the scheme on Nov. 22. Under the program about 28 million adult Poles are entitled to pick up the units for a nominal price of zl. 20 ($8) within a year from the program's kick-off. Each certificate represents a part of the assets of 512 firms taken over by 15 National Investment Funds and later will be exchangeable for 15 shares, one share in each of the funds. The Privatization Ministry is monitoring the sales carried out by the state-owned bank Powszechna Kasa Oszczednosci (PKO BP) and announces the results every Monday. The government will extend the sale of participation units in the country's mass privatization scheme beyond November if they are still in demand by that date. The certificates could be turned into shares in 15 investment funds controlling over 500 firms.
The government will privatize up to 10 firms by the end of 1995 and will sell off several dozen others next year. Among the firms to be sold this year will be Poland's biggest aluminum smelter Konin SA, non-ferrous mill Kety SA, brewery Glubczyce SA, chemical equipment maker Chemar SA and two electric equipment producers Fael SA and Apena SA. The 1995 national budget sets privatization revenues at zl. 2.4 billion ($1 billion). The government should sell off the second tobacco company this year. The ministry earlier said the second tobacco plant to undergo privatization was likely to be the one based in Radom. The offering of a minority stake in KGHM Polska Miedz SA copper combine will be next year's biggest privatization. Among other large privatizations will be the sales of the national air carrier LOT SA, fertilizer producers based in Pulawy and Tarnow and pharmaceutical plants based in Krakow, Poznan and Rzeszow. Breweries in Lezajsk, Tychy, Zabrze and Sierpc will be privatized as well as several meat producers and construction companies. Privatizations of retail network Ruch SA, department stores chain Domy Towarowy Centrum SA and two chemical firms - Janikosoda SA and Soda Matwy SA - originally scheduled for late 1995 will be completed early next year. The government will start preparations next year for the public sale of the large tourist agency Orbis SA, likely to take place in 1997.
