Private Simply Works Better

autor zdjęcia: Tomasz Jodłowski

źródło: Fotorzepa

The panellists were discussing how to privatise the state-owned companies most effectively

autor zdjęcia: Tomasz Jodłowski

źródło: Fotorzepa

Jakub Karnowski, President of the Management Board of PKP S.A.: There is no alternative to the privatisation of next railway companies

autor zdjęcia: Tomasz Jodłowski

źródło: Fotorzepa

Paweł Tamborski, Undersecretary of State of the Ministry of Treasury: The offer of PKP Cargo is hard to compare to anything else, and that is why it is so exceptional

autor zdjęcia: Tomasz Jodłowski

źródło: Fotorzepa

Andrzej Massel, Undersecretary of State of the Ministry of Transport: We want to privatise the railway, but certainly, this will not happen to PKP PLK

autor zdjęcia: Tomasz Jodłowski

źródło: Fotorzepa

Łukasz Boroń, President of the Management Board of PKP CARGO: 50% of shares minus one will be offered for sale, but it is too early to confirm the price

autor zdjęcia: Tomasz Jodłowski

źródło: Fotorzepa

Andrzej Sołdek, President of the Management Board of PTE PZU: Private companies do much better than state-owned ones

autor zdjęcia: Tomasz Jodłowski

źródło: Fotorzepa

Krzysztof Walenczyk, General Director of Societe Generale Corporate & Investment Banking: Stock-exchange privatisations have been successful primarily owing to the purchase of shares by pension funds

Economy | Further privatisations in the railway sector. Sale of shares via the stock exchange proves to be the most efficient in Poland.

Piotr Mazurkiewicz

Just before Prime Minister Donald Tusk announced the scenario of changes in the retirement system, the panel 'A New Post-Crisis Order – How to Privatise State-Owned Companies?' was held. Its participants stated that the investments of open pension funds were one of the reasons for a dynamic growth of the domestic capital market. If the funds directed there are limited, this could materially affect the capitalisation of the stock exchange and any future privatisations of state-owned companies that are often executed by public offering. Finally, after the panel, the Prime Minister announced that a compromise variant had been chosen. Much before the announcement, the participants stressed the importance of open pension funds to the capital market and discussed how much the market's potential would be limited if open pension funds were nationalised.

Privatisation without an Alternative

"Only in the years 2010-2011, revenues from privatisation exceeded PLN 40 bn, which to a great extent was a result of the purchase of shares by open pension funds," said Krzysztof Walenczak, the General Director of Societe Generale Corporate&Investment Banking. "We also consider the privatisation of other railway companies, but PKP PLK – the manager of the infrastructure – will not change its shareholding structure for sure. In Great Britain similar...