PZU looks at zł.100 million for sale of National Investment Funds

Three National Investment Funds (NFI): Drugi NFI, NFI Progress and NFI im. Eugeniusza Kwiatkowskiego now owned by PZU will soon change hands. They are about to be bought by CA IB Fund Management, which is part of an international group Bank Austria Creditanstalt that controls among others the BPH PBK bank. As PZU owns over 20% stakes in each NFI, the transaction will be worth over zł.100 million and will also include PZU NFI Management, a company managing the three NFIs. The negotiations have been going on for a year now and CA IB received consent from the Securities and Stock Exchange Commission (KPWiG) to breach the 50% threshold in NFI capital. The new owner will probably issue a call for all NFIs' shares available on the bourse. The NFIs' assets are mainly cash, although CA IB will also take over major stakes in more than ten companies (e.g. Śrubex). The funds' bourse investments were worth over zł.200 million at the end of Q1. (Puls Biznesu, p. 4) D.W.