Poland’s Treasury has failed to attract investors to take over a controlling stake in Polish Real Estate Holding, the daily Puls Biznesu reports. Agnieszka Jabłońska-Twaróg, the treasury’s spokeswoman, said that the government is ready to re-launch the selling process once a satisfactory offer is submitted. However, market watchers suggest that its expectations for PHN may be set too high.
“This laconic announcement from the government might be just a gentle way for PHN to inform the market it has failed in the second phase of the privatization of the holding, or it might be an attempt to increase the pressure on potential buyers,” a person close to the transaction told the daily Puls Biznesu. The same source said that the treasury’s price expectation for the 73 percent stake in PHN is in line with its current share price on the Warsaw Stock Exchange. However, many investors appear to believe that the actual value of the holding is much lower than brokers are currently estimating.
