PZU launch seems likely to be put back until March

The date for the launch on the Warsaw Stock Exchange (WSE) of Poland' s largest insurance company, PZU, is likely to be put back, from the end of 2001, as originally envisaged under the privatization agreement, to March 2002. Treasury minister Aldona Kamela-Sowinska has admitted that it will be very difficult to privatize PZU this year. She said that a March 2002 date would be more favorable, in view of the macroeconomic situation and the business climate on the capital market. Analysts generally share her opinion, but wonder how rescheduling the share issue may influence PZU' s valuation. The treasury ministry is considering introducing PZU shares not only on the WSE, but also on the London Stock Exchange, and perhaps even in New York. In another development, the treasury minister also announced that a full investigation would be conducted into the business affairs of former PZU presidents Wladyslaw Jamrozy and Grzegorz Wieczerzak. The transactions of PZU Development will come in for special examination. (Puls Biznesu, p. 7) A.D.