Privatization of Stoen, Polaniec and Polmos crucial to met revenues target

There is a chance that the State Treasury will be able to receive zl. 3.7 billion in revenues from privatization, as outlined by Treasury Minister Wieslaw Kaczmarek. In order to achieve this, the Treasury must officially conclude the transactions to sell the 85% stake in Warsaw energy distributor Stoen and the remaining 60% of shares in the Polaniec Power Station (EP). In the case of EP, the state will have to receive the same price per share as it did in the first phase of the privatization process. The interested investor is Belgian Electrabel, which acquired 25% of EP shares in 2000 for euro 88 million. According to Prawo i Gospodarka the sale should be signed in a few days. Otherwise the budget would only receive zl. 1.2 to zl.1.5 billion in privatization revenues. Up to October 23 the budget had revenues of zl. 1.197 billion from this source. Moreover, the Treasury will have to quickly sell its stakes in a several Polmos vodka distillers and lime producer ZPW Trzuskawica. The contracts have already been signed, but need final formal decisions from various authorities as well as the actual transfers of funds from the investors. (Prawo i Gospodarka, pp. 1, 3) M.M.