Supervisory board accepts idea of PGNiG privatization

The supervisory board of Polish Oil and Gas (PGNiG) has given its backing to the company's privatization, but ruled out any plans for dividing it or sell ing it piecemeal. Speaking after a meeting yesterday, supervisory board memb er Andrzej Arendarski said, "We passed a resolution, which supports the rest ructuring of the company. But we want to maintain its cohesion. This way we guarantee the rights of the employees to purchase company shares." The board proposed two methods of restructuring PGNiG. The first approach envisages an internal restructuring and the privatization of the company as a whole. The second possibility entails forming a capital group that would bring together a number of companies. PGNiG is also open-minded about the form of privatiza tion. "There is an equal possibility of introducing an investor and launchin g a public share offering," Arendarski explained. The supervisory board sugg ested that the earliest the privatization could take place would be the end of 2003. (Rzeczpospolita, p. B2) A.K.