Śląski on course
The financial group ING has set the upper price limit in its offering of ING Bank Śląski at zł.500 per share, 7.5 percent above the market price. The Dutch bank is releasing 12.8 percent of the Polish unit.
ING wants to sell 1.66 million shares in Śląski, a mid-sized lender with a market value of zł.5.9 billion, in a public offering scheduled to end this Wednesday as it seeks to cut its stake to 75 percent, as agreed with the Polish banking regulator.
The sale, which at the upper price limit would be worth zł.782.3 million, will be one of the biggest in Poland this year and the first sale of banking shares since the zł.6.7 billion initial public offering of bank PKO BP late last year.
The offering, to be sold mainly to institutional investors, is seen as a good opportunity for cash-rich local funds and foreign investors to raise exposure to the banking sector. (Reuters)
J.T.
ING wants to sell 1.66 million shares in Śląski, a mid-sized lender with a market value of zł.5.9 billion, in a public offering scheduled to end this Wednesday as it seeks to cut its stake to 75 percent, as agreed with the Polish banking regulator.
The sale, which at the upper price limit would be worth zł.782.3 million, will be one of the biggest in Poland this year and the first sale of banking shares since the zł.6.7 billion initial public offering of bank PKO BP late last year.
The offering, to be sold mainly to institutional investors, is seen as a good opportunity for cash-rich local funds and foreign investors to raise exposure to the banking sector. (Reuters)
J.T.
