Treasury looks for institutional investors for TPSA stake

The State Treasury yesterday put up for sale a 7.5% stake (105.4 million shares) of telecoms giant TPSA. The Ministry is targeting the shares at institutional investors in Poland and abroad. The offer is being managed by Credit Suisse First Boston, which besides holding the status of the Global Coordinator and the Book-Runner, has the right to purchase 15.8 million of the shares. BZ WBK is the joint co-organizer of the sale. "I think the offered price of the shares will be discounted by 5% to 10% from the current market price," said Anna Hess an analyst with CDM Pekao brokerage house. Based on Monday's closing price, the Treasury's offer is valued approximately at zł. 1.5 billion. In accordance with earlier market expectations, the Treasury will also strengthen the finances of Kompania Węglowa, a state owned coal mine holding company, by transferring to it some 27.25 million TPSA shares, which is worth zł. 391 million. (Parkiet, p. 1) A.K.