Feb. 4 (Bloomberg) -- Poland is raising 238.6 million zloty ($77.2 million) from the sale of a 25 percent stake in property company Grupa PHN SA after pricing it near the lower end of the range.
The Treasury Ministry set the price in the sale of 10.8 million shares at 22 zloty each, the Warsaw-based company said in a disclosure statement today. The price range was 20 zloty to 26 zloty, PAP newswire reported on Jan. 23, without saying where it got the information.
Poland is selling assets to curb public debt and boost state investments. Last month the government and state-owned Bank Gospodarstwa Krajowego raised 5.24 billion zloty from the sale of a stake in PKO Bank Polski SA, the country’s largest lender. Other state offerings this year may include utility Energa SA and insurer PZU SA, according to government plans.
Poland plans to sell a controlling stake in PHN to a strategic investor after the IPO and will keep as much as 25 percent, Deputy Treasury Minister Pawel Tamborski said Jan. 23. The investor may be picked by the end of the year, Treasury Minister Mikolaj Budzanowski said on the same day.
Grupa Radius, the real-estate developer controlled by Polish investor Robert Szustkowski, is seeking to gain control over PHN, it said last month. Mennica Polska SA, a Polish coin maker, is also interested in PHN, PAP reported on Jan. 11, citing Chief Executive Officer Grzegorz Zambrzycki.
PHN’s net loss widened to 142.9 million zloty in the first nine months of 2012 from 85.4 million zloty a year earlier. The company, which estimates its net value of assets at 1.75 billion zloty, plans to start trading on the Warsaw bourse by Feb. 13.
Citigroup Inc., UBS AG, Societe Generale SA and Deutsche Bank AG are helping manage PHN’s share sale as joint global coordinators and joint book runners. BRE Bank SA, Bank Zachodni WBK SA, Wood & Co. and PKO Bank are joint bookrunners.
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