Poland to sell additional 5% share of PZU

THE POLISH state is to sell off an additional 5% of its stake in the country’s leading insurer, PZU, bringing the total stake in the insurer to be offered to 30%, with 25% of the offering coming from Netherlands-based Eureko. Poland’s Treasury minister, Zdzislaw Gawlik ( pictured), said the fallout from the Greek financial crisis was unlikely to have any effect on the flotation. The subscription period for retail investors was extended, after heavy demand resulted in queues outside Bank Zachodni. Retail shares were thought likely to be priced near the top of the proposed range, although some analysts expected the government to be conservative in its pricing to ensure a decent uplift on day one of trading. Sales to institutional investors were at Zloty283.5 ($95.05) to Zloty312.5 each, valuing the flotation at up to Zloty8.1bn, Bloomberg said. This would give the whole of PZU a market value of slightly more than $9bn.