WARSAW--Poland's treasury ministry will be selling down its
stakes in the country's top insurer Powszechny Zaklad Ubezpieczen
S.A. (PZU.WA) and top utility PGE Polska Grupa Energetyczna S.A.
(PGE.WA) depending on the investment needs of its flagship
investment program Inwestycje Polskie, the deputy treasury minister
said Friday.
"We will be selling these (PZU, PGE) shares depending on how the
program develops and what are its investment needs," Mr. Tamborski
told Radio PiN.
As a part of Inwestycje Polskie program--a government initiative
aimed at boosting investments and helping the slowing economy get
back on track--,Poland earlier this week sold part of its stake in
top lender PKO BP (PKO.WA) for 5.2 billion zlotys ($1.66
billion).
Over PLN4 billion of the cash from the PKO sale will go to
state-owned bank BGK, which will in turn use it to finance
investment projects seen as crucial for the economy.
The BGK is slated to receive PLN10 billion in financing from the
sale of the government stock including the PZU and PGE shares.
Write to Patryk Wasilewski at patryk.wasilewski@dowjones.com