.jpg)
On 31 July 2008 the Warsaw Stock Exchange hosted a press conference concerning changes in the WSE Privatisation Strategy. The conference was attended by Mr Aleksander Grad, Minister of the Treasury, Mr Micha? Chyczewski, Under-Secretary of State, representatives of the consulting consortium appointed by the Ministry of the Treasury as well as the WSE Management Board.
The current strategy includes a deeper privatisation of the WSE. Between 60,57 and 65,67 percent of WSE shares will be sold. We predict that WSE shares will be listed on the Warsaw bourse in the fourth quarter – Minister of the Treasury Aleksander Grad said – We have also decided to pay a dividend before the WSE privatisation. – Mr Grad added.
We will increase the number of shares in public offering to 25-35 percent of WSE shares. These will be non-voting shares – i.e. with no voting right at the General Assembly – but preferred in terms of the dividend value.
The number of shares in private offering will be increased to 30,67-35,57 percent of WSE shares. The concept of a private offering will be maintained, however, the number of entities invited will be significantly expanded to include, among others, international investment banks.
These solutions will allow the State Treasury to decrease its share in the WSE below the 50 percent level and, at the same time, maintain over 50 percent of votes in the General Assembly. – Mr Aleksander Grad said.
This is not a fundamental change in our approach to privatising the WSE, it is rather an adjustment to the strategy of regional development of the Warsaw bourse. We observe the interest of large international investment banks and specialised private equity funds to acquire shares of the WSE – Mr Micha? Chyczewski, Under-Secretary of State, said. – The changes are meant to deepen the privatisation and increase the internationalisation of the WSE, which will favour the implementation of our strategy of building a regional centre – Mr Micha? Chyczewski commented.
In his comments to the privatisation strategy, Mr Ludwik Sobolewski pointed to the fact that the WSE cannot be treated as just any company destined for privatisation because it plays an important role in the development of the Polish capital market. – The strategy that has been presented assures a cautious and rational privatisation of the WSE – Mr Ludwik Sobolewski said.
The introduction of dividend preferred, non-voting shares will adjust the offer to the profile and preferences of various groups of investors, and will, at the same time, eliminate some risks harmonise the IPO transaction with the vision of WSE development. One of the benefits of this approach for investors is increasing the number of shares that will be introduced to trading on the exchange – WSE President, Mr Ludwik Sobolewski said.
According to the privatisation schedule presented at the conference, trading in WSE shares of the Warsaw bourse will start at the end of November 2008.
