Treasury Min to offer 10% stake in KGHM, not 30%

The Treasury Ministry plans to offer 10% of Polish copper mining company KGHM Polska Miedx for public bid in the fourth quarter of this year. Initially, the Ministry planned to offer 30% but decided against it due to protests by labor unions. "Shares [of KGHM] will be offered to pension funds and financial investors," said Treasury Minister Emil Wasacz. Presently, the largest shareholders of KGHM are the Treasury Ministry (49.53%) and Citibank (25.99%). KGHM plans to generate zl. 4.65 billion in sales revenue and zl. 512 million in net income this year. Due to the creation of large reserves KGHM recorded a net loss of zl. 145.6 million last year. (Prawo i Gospodarka, Apr. 22-24, page 19) M.M.