On 23 January 2013, the bookbuilding for the stake of shares in PKO BP SA, sold jointly by the Ministry of Treasury and the Bank of National Economy, in a total number of 153,102,731 shares, was completed. The value of transaction amounted to PLN 5,243,768,536.75.


The sale of shares by the Bank of National Economy will enable to increase bank's own in-house funds and thereby its lending campaign. The funds raised by the Ministry of Treasury, in the amount of PLN 856,250,000, will credit the revenues from privatization.

This transaction is yet another important step in the implementation of the "Polish Investments" Programme, which assumes a gradual increase in capitals of both pillars of the Programme: Bank of National Economy (BGK) and Polskie Inwestycje Rozwojowe SA (PIR). The main factor limiting the possibility of funding large infrastructure projects by BGK is the amount of bank's own in-house funds. The scale of current investment projects implemented by the Bank means that for certain transactions, the concentration limit is close to 25% of own funds. The success of this transaction significantly increases Bank's possibilities in respect to its lending campaign and the involvement potential - said Dariusz Daniluk, President of BGK.

In the case of the second pillar of the Programme - Polskie Inwestycje Rozwojowe SA, the Ministry of Treasury is about to complete its organizational work related to the appointment of the company's management board and its registration. For now, the priority is to complete the organization process and work on a list of potential investments. There is no reason for PIR to receive a cash injection now. Today, we focus on the promotion of the Programme among businesses and governments. Projects are to wait for the money from the sale of shares in state-owned companies, not the other way around. This is why this year, we will flexibly manage the flow of funds to the state budget as revenues from privatization or to Polskie Inwestycje Rozwojowe - says Miko

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