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PHN Property Group Climbs on First Day of Warsaw Trading

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Feb. 13 (Bloomberg) -- Grupa PHN SA, the property company in which the Polish government sold a 25 percent stake this year, climbed on its first day of trading on the Warsaw Stock Exchange.

The shares rose 3.4 percent to 22.75 zloty as of 9:01 a.m in Warsaw, valuing the company at 987 million zloty ($319 million). Poland sold 10.8 million shares at 22 zloty each in an initial public offering. The price range was 20 zloty to 26 zloty, PAP newswire reported on Jan. 23, without saying where it got the information.

Poland, which is selling assets to curb public debt and boost state investments, will offer a controlling stake in PHN to a strategic investor this year and will keep as much as 25 percent, Deputy Treasury Minister Pawel Tamborski said Jan. 23.

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 estimates its net value of assets at 1.75 billion zloty.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

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