(EN) - Ministry of Treasury http://msp.gov.pl/portal/en/ 1290165602 News Privatisation of ENEA S.A. With reference to the expiry of the period of exclusivity in the negotiations granted to the Kulczyk Holding S.A. and Electron Sp. z o.o. in the ongoing process of selling 225,135,940 shares (51.00% of the share capital) of the Company ENEA S.A., the Ministry of the Treasury have decided to return to parallel negotiations with the entities admitted to the negotiations.

The consequence of the above-mentioned competitive process the transaction shall be settled by 31 March 2011.

]]> http://msp.gov.pl/portal/en/16/1879/Privatisation_of_ENEA_SA.html Maciej Wewiór, Spokesperson Marzena Feldy Globalisation Institute: Poland moves up the ranking of fastest developing economies Poland ranked 26th among world’s fastest developing economies according to the latest ranging prepared by the Globalisation Institute. Poland moved up two places compared to last year’s edition (2008).

Published by the Globalisation Institute, the ranking takes into account such factors as: economic growth rate, GDP per capita, unemployment rate, inflation, value of exports and imports, and inflow of direct foreign investment.

Poland moved up the list mainly due to its GDP growth. Being the only European country to record a positive economic growth in 2009, Poland is still among the GDP leaders (3% growth in Q1 2010 and 3.5% in Q2 2010). According to the estimates of major financial institutions, Polish economic growth in 2010 may reach a strong 3.5%.

For more information in Polish please visit the Globalisation Institute’s website.

]]> http://msp.gov.pl/portal/en/16/1844/Globalisation_Institute_Poland_moves_up_the_ranking_of_fastest_developing_econom.html Department of Investor Relations Marzena Feldy The Ministry of Economy – Polish industrial output to grow 11% in 2010 In the latest report of the Ministry of Economy, analysts expect Polish industrial output to grow approx. 11% in 2010. Analysts also forecast growth of other indices, such as employment (0.9%) and gross nominal salary (5%).

The forecasted 11% growth of industrial output is based on results achieved in subsequent quarters of 2010, when the industrial output growth rate was 10%.

Compared to 2009, employment is predicted to grow 0.9% in 2010 despite a drop in the first two quarters. Moreover, analysts expect gross nominal salary to grow 5%, whereas real salary is expected to raise 2.5%. Last year, salaries grew respectively by 4.7% and 1.2%. More information in Polish

]]> http://msp.gov.pl/portal/en/16/1843/The_Ministry_of_Economy__Polish_industrial_output_to_grow_11_in_2010.html Department of Investor Relations Marzena Feldy The International Monetary Fund raises GDP forecast for Poland The International Monetary Fund has raised its GDP forecast for Poland up to 3.5% for the current year and up to 3.75-4% for 2011.

In its report, the analysts of the International Monetary Fund stressed that: the GDP growth accelerated in the first half of 2010, mainly due to rebuilding the reserves and private consumption; the improvement of business performance should lead to an increase in private investment; public investment, financed from EU funds, will also increase.

The IMF forecast once again confirms that the Polish economy will continue to maintain its upward trend, and Poland will soon belong to the group of the European Union’s fastest-developing countries.

It is worth noting that the IMF has raised its forecast for Poland for the third time this year. In July this year, the Fund analysts predicted this year's GDP at 3.1%, in late October, they raised their forecast to 3.4%, to finally assume an increase of 3.5%.

For more information please visit the IMF website.

]]> http://msp.gov.pl/portal/en/16/1842/The_International_Monetary_Fund_raises_GDP_forecast_for_Poland.html Department of Investor Relations Marzena Feldy Historic transaction – unprecedented subscriptions for Warsaw Stock Exchange ("WSE") shares – a success for the Polish capital markets NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA

The offering of the Warsaw Stock Exchange (WSE) marks yet another triumph for the Citizen Shareholding Programme as confirmed by over 323,000 retail investors who subscribed for shares in the company. It is also a unique success among institutional investors, whose demand for the shares outstripped supply by over 25 to 1. The final price of the WSE shares for retail investors was set at PLN 43 per share and for institutional investors at PLN 46 per share. The total offering of the Warsaw Stock Exchange is valued at PLN 1.2 billion (€304 million/$423 million), and the WSE’s capitalisation based on the price for institutional investors is PLN 1.9 billion (€486 million/$677 million).

A historic transaction of symbolic meaning is drawing to an end. The results of the Polish economy and recent transactions on the Warsaw Stock Exchange, including some of the largest and most significant anywhere in Europe, have demonstrated the strength of the Polish capital market. Thanks to the WSE privatisation, Warsaw will further strengthen its position as the capital market centre of Central and Eastern Europe.

Over 323,000 subscriptions by retail investors for a total of approximately 30.9 million shares is a great success for the Citizen Shareholding Programme and confirmation of the maturity of this group of investors in Poland. In response to expectations, the Polish State Treasury, as the selling shareholder, decided to increase the final number of shares offered to retail investors from 25% to 30% of the shares offered in the public offering.

The huge interest in WSE shares among institutional investors, where demand exceeded supply by over 25-fold, provided equally significant proof of the attractiveness of the offering and of the Polish capital market. Leading financial institutions from nearly 30 countries across five continents participated in the book-building process, including Polish pension funds (OFE), Polish investment funds (TFI) as well as international investment funds, sovereign wealth funds and endowment funds.

Aleksander Grad, the Polish Minister of the Treasury, commented: The record-high interest from domestic and international institutional investors, as well as retail investors, in the WSE offering is further evidence of how favourably Poland and the Polish economy are perceived. On the one hand, the record high demand from institutional investors reinforces Warsaw’s position as a hub for capital markets in Central and Eastern Europe. On the other hand, over 323,000 retail investors confirm the dynamic development of the Polish capital markets and the Polish Citizen Shareholding Programme that goes with it.

WSE CEO Ludwik Sobolewski commented: The last few weeks have been a period of intense meetings with investors in Europe, North America and the Middle East. The huge interest in our offering encountered among retail investors and a wide range of renowned institutional investors confirms their conviction that the Polish economy and the WSE will continue to grow and that we will strengthen our position as the financial centre for Central and Eastern Europe.

Shares in the WSE will be finally allotted to investors by 4 November. In the case of retail investors, final allocation will be made in accordance with the maximum allocation rule described in the prospectus. All retail investors who filed subscriptions for a number of shares equal to or less than the maximum allocation will receive their allocation in full. Investors who filed subscriptions for a greater number of WSE shares than the number of shares specified by applying the maximum allocation rule will be allotted the number specified by the maximum allocation. Information about the number of WSE shares constituting the maximum allocation will be announced by 5 November.

In accordance with the proposed schedule for the offering, subscriptions for WSE shares by institutional investors will be accepted through 3 November. The first listing of the WSE shares is planned for 9 November. Reimbursement of individual investors whose subscriptions were reduced will be made to the securities account from which the subscription was filed within 14 days of the allocation of the shares.

Disclaimer

U.S.
These materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"). The securities to which these materials relate have not been and will not be registered under the Securities Act and there will be no public offering of the securities in the United States.

European Economic Area
No offer or invitation to acquire securities of Giełda Papierów Wartosciowych w Warszawie S.A. is being made by or in connection with this release. Any such offer will be made solely by means of the Prospectus as approved by the Komisja Nadzoru Finansowego, the Polish capital markets authority, and published in accordance with Polish law in connection with the public offer in Poland, and the related international offering circular (each as supplemented or amended), to, in each case, the persons entitled to receive and rely upon such documents in accordance with their respective terms.

U.K.
This communication is directed in the United Kingdom solely at persons who (i) have professional experience in matters relating to investments and who fall within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or (ii) are high net worth entities and other persons to whom such communication may otherwise lawfully be made falling within Article 49(2)(A) to (D) (all such persons together being referred to as "Relevant Persons"). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Poland
These materials are for promotional purposes only and shall under no circumstances constitute the basis for a decision to invest in the shares of Giełda Papierów Wartościowych w Warszawie S.A. (the Company or the Warsaw Stock Exchange). The prospectus (the Prospectus) prepared in connection with the public offering and admission and introduction of the Company's securities to trading on the Warsaw Stock Exchange is the sole legally-binding document containing information on the Company and the offering of its securities in Poland (the Offering). The Prospectus was approved by Komisja Nadzoru Finansowego, the Polish capital markets authority, on October 12, 2010 and published. For the purposes of the Offering in Poland and admission and introduction of the Company's securities to trading on the Warsaw Stock Exchange, the Company made the Prospectus available on its website (www.gpw.pl) and on the website on the website of DM PKO BP (www.dm.pkobp.pl).

The Global Coordinators, Joint Bookrunners and Co-Managers are acting exclusively for the Company and the State Treasury of the Republic of Poland, represented by the Minister of the State Treasury and no one else in connection with the Offering. They will not regard any other person (whether or not a recipient of this document) as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company and the State Treasury of the Republic of Poland, represented by the Minister of the State Treasury for providing the protections afforded to their respective clients nor for giving advice in relation to the Offering or any transaction or arrangement referred to herein.

This announcement is an advertisement and does not comprise a prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive") and does not contain or constitute or form part of any offer or invitation, or any solicitation of an offer, for securities and should not be relied on in connection with any contract or commitment whatsoever.

]]> http://msp.gov.pl/portal/en/16/1823/Historic_transaction__unprecedented_subscriptions_for_Warsaw_Stock_Exchange_quot.html Maciej Wewiór, Spokesperson Marzena Feldy ENEA S.A. – exclusive negotiations to conclude by November 3rd The Ministry of Treasury has set a deadline (November 3rd 2010) for exclusive negotiations by Kulczyk Holding S.A. (as the guarantor) and Elektron Sp z o.o. (as the buyer) in the sale of 225,135,940 shares (51% of share capital) in the Polish utility company Enea S.A. Should the parties fail to concluded negotiations by the stipulated deadline the Minister of Treasury will start negotiating with another entity invited for participation.

]]> http://msp.gov.pl/portal/en/16/1819/ENEA_SA__exclusive_negotiations_to_conclude_by_November_3rd.html Maciej Wewiór, Spokesperson Marzena Feldy BGŻ - decision of Rabobank and Ministry of Treasury on IPO The Extraordinary General Meeting of Bank BGŻ ended yesterday, at which the main shareholders of the bank decided about the future of BGŻ. Rabobank, which is the majority shareholder of the bank (59%) and the Treasury with its 37% stake, decided to conduct an initial public offering of BGŻ on the Warsaw Stock Exchange. In accordance with the decision of the Extraordinary General Meeting, the initial public offering of BGŻ shares should take place not earlier than on May 1, 2011 and not later than on January 22, 2012.

Under the IPO preparation process the Extraordinary General Meeting of Bank BGŻ adopted a resolution on the increase of the number of Supervisory Board members. Until the General Meeting taking place after the first listing of the Bank’s shares on the Warsaw Stock Exchange the Board has eight members. In the course of the yesterday’s meeting the composition of the Board was extended by a representative of the Treasury, Mr Waldemar Maj, and a representative of Rabobank, Mr Hendrik Adams.

Waldemar Maj holds a PhD degree in physics (Institute of Physics at the Polish Academy of Sciences) and an MBA graduate from Harvard University (Harvard Business School). Mr Maj was the chairman of the IPO committee in the Supervisory Board of PZU, his responsibilities comprised preparation of the company for the listing, as well as supervision of the PZU shares sale transaction. His previous positions were, inter alia, Vice President for Finance at PKN Orlen S.A. and Vice-President of the bank BGŻ S.A.

Rabobank, holding 59% of shares in Bank Gospodarki Żywnościowej, is one of the world’s largest banks, having assets in excess of € 670 billion and the only one with the AAA rating (Moody’s, Standard & Poor’s). The Bank has been implementing a long-term strategy for Poland, of which BGŻ is an important element. The stability of the operational strategy of Rabobank, confirmed over the bank’s long history, is the best guarantor of long-term success of Bank Gospodarki Żywnościowej.

BGŻ is one of the leading commercial banks in the Polish market, specializing in the financing of agriculture, food economy and regional infrastructure.

Ministry of the Treasury hopes that the majority shareholding on the part of Rabobank as a guarantee for further development of BGŻ, as well as a unique opportunity to become a shareholder in one of the subsidiaries of Rabobank, will meet with a positive response of both domestic and foreign financial investors.

]]> http://msp.gov.pl/portal/en/16/1767/BGZ__decision_of_Rabobank_and_Ministry_of_Treasury_on_IPO.html Ministry of Treasury Marzena Feldy Warsaw Stock Exchange (“WSE”) today announces the publication of its prospectus NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA

Warsaw Stock Exchange (“WSE”) today announces the publication of its prospectus

  • Polish individual investors may subscribe for WSE shares between 18 and 27 October 2010
  • Up to 26,786,530 Series B ordinary bearer shares will be allocated to individual and institutional investors
  • The shares are expected to debut on 9 November 2010

“The WSE Offering is one more major transaction on the capital market by the Ministry of Treasury this year, following the PZU and Tauron offerings,” said Polish Minister of Treasury Aleksander Grad. “Twenty years after the economic transformation of Poland, the WSE debut is also of historical significance. It marks the beginning of a new stage in the development of our capital markets. We are taking a very responsible approach to the change in ownership of this most important company for our economy. On one hand, the public listing of the Warsaw Stock Exchange, along with the strategic partnership with the NYSE, will translate into even higher standards and managerial effectiveness. On the other hand, the State Treasury will remain a supportive strategic investor as WSE seeks to strengthen its position as the financial centre of Central & Eastern Europe.”

Ludwik Sobolewski, CEO of Warsaw Stock Exchange, commented:

“Publication of the prospectus concludes the preparatory stages of the Offering of Warsaw Stock Exchange, which is a significant event in the history of the Polish capital markets. Investors have the opportunity to become shareholders in the largest national securities exchange in Central & Eastern Europe, with operations in several markets and the highest rate of growth and development of any stock exchange in Europe.”


Structure of the Offering

In the public offering, the Polish State Treasury, as the majority shareholder of the Warsaw Stock Exchange, is offering up to 26,786,530 Series B ordinary bearer shares in the company. The Offering is directed at individual investors in Poland and institutional investors.

Rules for filing subscriptions by individual investors

Subscriptions for WSE shares from individual investors in Poland will be accepted from 18 to 27 October (until 11:59 pm CET) at brokerage locations across Poland. A full list of locations is available on the WSE website (www.gpw.pl) and on the website of Dom Maklerski PKO Banku Polskiego, which is serving as the Offering Agent (www.dm.pkobp.pl).

An individual investor interested in buying WSE shares must hold a securities account at the investment firm where the investor is filing the subscription. Investors who do not hold a securities account will have to open an account before filing a subscription.

Each individual investor may only file one subscription for at least 10 shares and not more than 100 shares. A subscription for more than 100 offered shares will be treated as a subscription for 100 shares. Subscriptions for less than 10 shares will be treated as invalid.

Maximum price and sale price

The maximum price for WSE shares is expected to be published on 14 October 2010 (subject to the annex to the prospectus containing that price being approved by that date). Subscriptions should be filed by individual investors at that price.

The sale price for individual investors and for institutional investors will be determined by the selling shareholder (the Polish State Treasury) in agreement with the Global Coordinators and in consultation with the Offering Agent, after completion of a bookbuilding process among institutional investors and is expected to be announced on or around 29 October 2010.

The sale price for institutional investors may be higher than the maximum price. The sale price for individual investors will not be higher than the maximum price. If the final sale price is set at the maximum price or less, it will be the same for individual and institutional investors.

Number of shares offered

On the date of establishment of the sale price the selling shareholder, in agreement with the Global Coordinators and in consultation with the Offering Agent, will decide on the final number of shares offered for sale in the public offering. This information will be announced on or around 29 October 2010.

It is planned that 25% of the shares will be offered to individual investors. If individual investors subscribe for more than 25% of the offered shares, the Selling Shareholder reserves the right to increase the above number by no more than 5% of the offered shares, i.e. up to 30% of the offered shares. The remaining shares will be offered to institutional investors. If the total subscriptions filed by individual investors exceed the number of shares designated for allocation to individual investors, a maximum number of shares that may be allocated to a single subscription will be established (the maximum allocation). In such case, the subscriptions of all investors who filed subscriptions for a number of shares equal to or less than the maximum allocation will be realised in full. Investors who filed subscriptions for a greater number of shares than specified in the maximum allocation will be allocated shares in the number specified by the maximum allocation.

The consortium

Citi (comprising Citigroup Global Markets Limited, Bank Handlowy w Warszawie S.A. and Dom Maklerski Banku Handlowego S.A.), Goldman Sachs International, J.P. Morgan Securities Ltd and UBS Limited are acting as Global Coordinators and Joint Bookrunners and Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Oddział – Dom Maklerski PKO Banku Polskiego w Warszawie are acting as Joint Bookrunner and Offering Agent in connection with the Offering. IPOPEMA Securities S.A., KBC Securities N.V. (Spółka Akcyjna) Oddział w Polsce and Société Générale are acting as Joint Bookrunners, and Dom Maklerski Banku Ochrony Środowiska S.A., Biuro Maklerskie Alior Bank S.A., Banco Espírito Santo de Investimento S.A. Spółka Akcyjna Oddział w Polsce, Wood & Company Financial Services, A.S. Spółka Akcyjna, Oddział w Polsce and Dom Maklerski IDM S.A. are acting as Co-Managers.

IPO timetable
14 October
Publication of the prospectus
14 October
Publication of the maximum price (subject to the annex to the prospectus containing that price being approved by that date)
15 - 28 October
(up to 1700 CET)
Bookbuilding process
18 - 27 October
(up to 2359 CET)
Subscription period for retail investors
On or around 29 October
Announcement of the sale price, final number of shares to be offered in the Offering and final number of shares to be offered to the various categories of investors
29 October -
3 November
Subscription period for institutional investors
Up to 4 November
Allotment of shares
9 November
Listing on the Warsaw Stock Exchange and first day of trading in its shares

Disclaimer

U.S.
These materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"). The securities to which these materials relate have not been and will not be registered under the Securities Act and there will be no public offering of the securities in the United States.

European Economic Area
No offer or invitation to acquire securities of Giełda Papierów Wartosciowych w Warszawie S.A. is being made by or in connection with this release. Any such offer will be made solely by means of the Prospectus once it has been approved by the Komisja Nadzoru Finansowego, the Polish capital markets authority, and published in accordance with Polish law in connection with the public offer in Poland, and the related international offering circular (each as supplemented or amended), to, in each case, the persons entitled to receive and rely upon such documents in accordance with their respective terms.

U.K.
This communication is directed in the United Kingdom solely at persons who (i) have professional experience in matters relating to investments and who fall within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or (ii) are high net worth entities and other persons to whom such communication may otherwise lawfully be made falling within Article 49(2)(A) to (D) (all such persons together being referred to as "Relevant Persons"). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Poland
These materials are for promotional purposes only and shall under no circumstances constitute the basis for a decision to invest in the shares of Giełda Papierów Wartościowych w Warszawie S.A. (the Company or the Warsaw Stock Exchange). The prospectus (the Prospectus) prepared in connection with the public offering and admission and introduction of the Company's securities to trading on the Warsaw Stock Exchange is the sole legally-binding document containing information on the Company and the offering of its securities in Poland (the Offering). The Prospectus was approved by Komisja Nadzoru Finansowego, the Polish capital markets authority, on October 12, 2010 and published. For the purposes of the Offering in Poland and admission and introduction of the Company's securities to trading on the Warsaw Stock Exchange, the Company made the Prospectus available on its website (www.gpw.pl) and on the website on the website of DM PKO BP (www.dm.pkobp.pl).
The Global Coordinators, Joint Bookrunners and Co-Managers are acting exclusively for the Company and the State Treasury of the Republic of Poland, represented by the Minister of the State Treasury and no one else in connection with the Offering. They will not regard any other person (whether or not a recipient of this document) as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company and the State Treasury of the Republic of Poland, represented by the Minister of the State Treasury for providing the protections afforded to their respective clients nor for giving advice in relation to the Offering or any transaction or arrangement referred to herein.

This announcement is an advertisement and does not comprise a prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive") and does not contain or constitute or form part of any offer or invitation, or any solicitation of an offer, for securities and should not be relied on in connection with any contract or commitment whatsoever.

]]> http://msp.gov.pl/portal/en/16/1764/Warsaw_Stock_Exchange_WSE_today_announces_the_publication_of_its_prospectus.html Ministry of Treasury Marzena Feldy Agreement initialled in the process of privatisation of Energa S.A. In relation to the conducted process of sale of Energa S.A. shares, the Ministry of Treasury hereby informs that as a result of parallel negotiations conducted with PGE Polska Grupa Energetyczna S.A. and Energeticky a Prumyslovy Holding a.s. the Minister of Treasury decided today (15 September 2010) to initial the agreement concerning the sale of Energa S.A. shares to PGE Polska Grupa Energetyczna S.A.

The Minister of Treasury selected PGE’s offer because the offered and agreed sale conditions turned out to be most favourable from the point of view of the Treasury, Poland’s energetic security and Energa S.A.

PGE offered PLN 7,529,913,842.40 for the stake of 84.19% of shares (PLN 1.80 for one share). PGE agreed to continue and not to limit Energia S.A.’s activities in key areas of operation (regulated activities in scope of production, trade or distribution of electric energy or heat) as well as not to change the registered office of the newly acquired company. PGE will also retain Energa S.A.’s separate legal personality and will ultimately list it on the Warsaw Stock Exchange (GPW) in order to finance the company’s energy projects. Moreover, as part of the process of maintaining competitiveness of the Polish energy sector, PGE confirmed its decision that starting from 2011 it will commence sale of the energy produced by the company on energy exchanges.

In consideration of the above, the Minister of Treasury together with the Minister of Economy submitted to the Government a bill prepared by the Council of Ministers amending the Resolution on Poland’s Energy Policy until 2030. The proposed changes result from the necessity to ensure Poland’s energy security by strengthening the position of key energy enterprises. It is one of the conditions of implementation of Poland’s energy policy, including in scope of diversification of the structure of electric energy production, taking into account the implementation of the nuclear energy programme.

The achievement of the above mentioned goal is considered beneficial in the general interest of the society and Poland’s economy. In accordance with Polish and EU legislation, it allows to implement activities leading to a selective consolidation in individual sectors of the energy market.
 

]]> http://msp.gov.pl/portal/en/16/1723/Agreement_initialled_in_the_process_of_privatisation_of_Energa_SA.html Public Relations Office Aleksandra Karpowicz The European Commission significantly raises the GDP forecasts for Poland According to the European Commission, in 2010 Poland will belong to the group of fastest developing countries in the European Union and can expect a 3.4% GDP growth.

The forecast of the European Commission puts Poland together with Germany in the first place in terms of GDP growth this year. This forecast differs significantly from previous forecasts of the European Commission analysts, whose estimate of the GDP growth in Poland at 2.7% in May this year.

According to analysts, the European Commission the better GDP forecasts for Poland were influenced by extremely positive economic results from the second quarter of this year.

More information at the European Commission website.

]]> http://msp.gov.pl/portal/en/16/1705/The_European_Commission_significantly_raises_the_GDP_forecasts_for_Poland.html Public Relations Office Marzena Feldy Poland advances in the World Economic Forum rankings In the latest edition of World Economic Forum’s global economic competitiveness ranking, Poland moves up 7 places and currently ranks 39th.

The World Economic Forum’s ranking was created based on the survey conducted on 13,500 companies from 139 countries. In Poland, the survey covered 170 companies. Poland has been moving up the rankings rapidly for the last two years. In the 2008 ranking, Poland ranked 53rd, which means a rise by 14 positions (7 in 2009 and another 7 in 2010) over a period of 2 years.

Poland now ranks higher than countries such as Slovakia, Hungary, Russia, Lithuania and the Balkan states. Factors that contributed to Poland’s significant rise up the ranking included among others: improvement of infrastructure (especially compared to 2008), improvement of work of public institutions, and development of financial markets.

More information can be found on World Economic Forum’s website.

]]> http://msp.gov.pl/portal/en/16/1704/Poland_advances_in_the_World_Economic_Forum_rankings.html Public Relations Office Marzena Feldy UN report: Poland as an attractive country for foreign investors A recent report drawn up by UNCTAD, the UN trade and development agenda, Poland was ranked 12 among the most attractive countries for locating investments by foreign investors.

The 12th place of Poland is also a promotion by one position when compared with last year's edition of the report. The investment attractiveness of individual countries was based on the results of surveys conducted at 236 international corporations and 116 investment promotion agencies.

The top twenty ranking did not include any of the major Poland’s regional competitors: the Czech Republic, Slovakia, Hungary or Romania. In addition, France (14th position) was ranked lower than our country.

According to experts, the sectors in which Poland can count on major investments include automotive industry, telecommunications industry, business services and electronic industry.

For more information please see the UNCTAD website.

]]> http://msp.gov.pl/portal/en/16/1703/UN_report_Poland_as_an_attractive_country_for_foreign_investors.html Public Relations Office Marzena Feldy Minister Grad to visit investors in Oslo and Stockholm 25 August 2010. The Minister of Treasury, Mr. Aleksander Grad and Undersecretary of State, Mr. Krzysztof Walenczak are beginning their visit to Scandinavia. They are meeting Norwegian and Swedish investors to promote Polish capital markets among them.


The visit, which will last until 26 August 2010 is a roadshow for investors, comprising a number of meetings with representatives of the biggest Norwegian and Swedish banks and investment funds, which might be interested in the Polish privatisation offer with respect to capital markets.


A number of meetings with the largest financial institutions in the region, which invest in international assets portfolios and emerging markets will be held each day in Oslo and Stockholm. Senior officials of the Ministry of Treasury will meet key representatives of nearly 10 Scandinavian investment funds and banks.


Capital markets and strengthening Warsaw’s position of the key investment centre of Central and Eastern Europe are the most important items on the agenda. These talks with banks and financial institutions are the continuation of the strategy implemented almost three years ago. Privatisation plan is promoted during regular meetings organized at the Ministry of Treasury and during foreign visits of its senior officials. As part of promotion, the Minister of Treasury has been participating in roadshows for foreign investors since the beginning of his term. To date, Minister Grad has met with investors from Western Europe, Asia or the USA.


The Minister has had an active approach towards the search for investors from the very beginning, which was of an utmost importance during the crisis that affected global financial markets. Next to the roadshows for investors from specific parts of the world and meetings with Commercial Chambers operating in Poland, the Ministry of Treasury has come up with a number of initiatives to help all potential investors gather information about privatisation projects executed by the Ministry. A special online service has been available since 2008 (http://inwestor.msp.gov.pl), while the Investor Relations Centre was opened in July 2009 to inform about specific privatisation processes and facilitate the contact between investors and the representatives of the Ministry of Treasury, who are responsible for individual projects.
 

]]> http://msp.gov.pl/portal/en/16/1668/Minister_Grad_to_visit_investors_in_Oslo_and_Stockholm.html Public Relations Office Aleksandra Karpowicz GUS: Polish economy grew 3.5% in Q2 2010 According to the data released today by the Central Statistical Office of Poland (GUS), the country’s economy grew 3.5% in the second quarter of 2010.

Polish economy grew faster than predicted by market analysts who expected the GDP to expand 3.2 in Q2 2010. This proves that Poland is still among the fastest developing countries in the EU.



The main contributor to GDP was domestic demand whose impact on GDP growth was 3.8 percentage points. The impact of total consumption expenditure and gross capital formation amounted to 2.2 and 1.6 percentage points, respectively (with negative impact of gross fixed capital formation of -0.3 percentage points and positive impact of changes in inventories of 1.9 percentage points). The negative impact of foreign demand (net exports) amounted to -0.3 percentage points, the release reads.

]]> http://msp.gov.pl/portal/en/16/1652/GUS_Polish_economy_grew_35_in_Q2_2010.html Public Relations Office Marzena Feldy New GDP forecasts for Poland reach record levels According to Gazeta Wyborcza, the recent forecast released by Bureau for Investments and Economic Cycles (BIEC) set Polish GDP to grow 3.6% in 2010, making it the most optimistic forecast so far. According to estimates of BIEC Polish economy is also likely to expand faster than predicted in the following years – 5.9% in 2011 and 6.5% in 2012.

Analysts expect Poland's future GDP growth to be driven by investments and domestic and foreign demand.

Economists also agree that Polish and global economy will continue an upward trend by the end of 2012.

]]> http://msp.gov.pl/portal/en/16/1635/New_GDP_forecasts_for_Poland_reach_record_levels.html Public Relations Office Marzena Feldy NBP: foreign investment inflows in Poland reached EUR 6.3 billion in the first half of 2010 According to the Polish Information and Foreign Investment Agency (PAIiIZ), the preliminary data released by the National Bank of Poland show that the total foreign direct investment inflows (FDI) into Poland in June 2010 amounted to EUR 715 million. This means that the total volume of foreign direct investment in Poland in the first half of 2010 was EUR 6.3 billion.

The FDI volume accounts for 178% of the inflow in the first half of 2009.

As much as 75% of greenfield investment (one of the two forms of foreign direct investment involving construction of company facilities from scratch) in H1 2010 came from Europe, the remaining part from America.

The most important sectors of greenfield investment in the first half of 2010 were: industry (29%), sales and marketing (19%), retail sales (13%), construction (10%) and services for business (9%).

]]> http://msp.gov.pl/portal/en/16/1634/NBP_foreign_investment_inflows_in_Poland_reached_EUR_63_billion_in_the_first_hal.html Public Relations Office Marzena Feldy Analysts of the Ministry of Economy: Polish GDP will grow to ca. 3% in 2010 According to a recent report prepared by analysts of the Ministry of Economy and published on 19 August 2010, the economic growth in Poland in 2010 will be approx. 3%. According to the Ministry, if macroeconomic variables are favourable, the optimistic scenario is that the growth will be even higher.

The analysts point out that it is the external factors, i.e. positive trends in the global economy that will be decisive for growth of Polish economy.

The analysts expect the Polish GDP growth rate to reach 3.2% in the second quarter (the Central Statistical Office will publish data for Q2 of 2010 on 30 August 2010).

Their forecast is in line with a number of earlier forecasts published by various institutions, which expect the continuation of strong economic growth in Poland on the 2%-3.1% level.

]]> http://msp.gov.pl/portal/en/16/1621/Analysts_of_the_Ministry_of_Economy_Polish_GDP_will_grow_to_ca_3_in_2010.html Public Relations Office Marzena Feldy Privatisation of TP S.A. finalised The Ministry of Treasury sold 4.15% shares of Telekomunikacja Polska S.A. through the Warsaw Stock Exchange as a final step in the privatisation of the Polish telecommunications giant. The sale took place during 44 trading session, lasting from 14 January to 5 August 2010. The stake of TP S.A. shares was sold for PLN 884,890,127.39 as part of the programme implemented by the Polish Ministry in relations with the capital market.

The sale process was conducted in accordance with the principles set out in the document titled “Key Companies to be privatised in the years 2009-2010. Revised Privatisation Programme 2008-2011” submitted to the Council of Ministers in August 2009 under which the sale of shares held in Telekomunikacja Polska S.A. was scheduled to take place by the end of 2010. In line with these assumptions, the Ministry worked out an algorithm based on which the shares of TP S.A. were sold for prices not lower than the average price from the last 6 months. Successive transactions were made at market prices without discount.

Successful privatisation of Telekomunikacja Polska S.A. was possible due to the well crafted plan – unprecedented in terms of duration, scope and the specific nature of the Warsaw stock market.

 

]]> http://msp.gov.pl/portal/en/16/1578/Privatisation_of_TP_SA_finalised.html Public Relations Office Aleksandra Karpowicz JP Morgan analysts to upgrade their GDP forecast for Poland JP Morgan has upgraded its annual average economic growth forecast for Poland to 3.5% from 3.2% forecasted earlier. The analysts have also assumed that Polish year-to-year GDP growth in Q2 2010 will be 3.6%.

The main argument to upgrade the forecast for Poland were surprisingly good news concerning the industrial activity. The analysts point out that supplementation of stocks and final sales will be the key factors of growth of Polish economy in the next quarters.
JP Morgan’s forecast is better than the OECD forecast (dated May 2010), which assumed that the Polish economy would grow to 3.1%. Therefore, JP Morgan’s forecast is the best among all forecasts published by the key European financial institutions.
 

]]> http://msp.gov.pl/portal/en/16/1577/JP_Morgan_analysts_to_upgrade_their_GDP_forecast_for_Poland.html Public Relations Offilce Katarzyna Szulc Polish economy performs well According to the most recent data on the Polish economy published by the Central Statistical Office (GUS), the upward growth trend has been maintained and previous forecasts have been exceeded.

As GUS reported late last week, the GDP growth in the second quarter of 2010 will be 3.0-3.3%. The unemployment rate drops down continuously – it was 11.6% in June, i.e. fifth month in a row with a better result as compared to the month before (11.9% in May). At the same time, the average salary has increased by 3.5%.

In its latest report GUS also provided the results concerning the retail sale. The retail sale increased by 6.4% in June as compared to June, 2009 (after the reported growth by 4.3% year-on-year in May) and by 4.1% as compared to May this year. The highest sale growth has been reported for pharmaceuticals industry (20.4%), furniture and home appliances industry (19.7%), retail sale sector (sales by supermarkets and hypermarkets increased by 14.6%) and automotive industry (8.5% as compared to June, 2009).

The volume of new contracts concluded by the companies of the Polish industry sector has increased by 20.5% as compared to June, 2009 (following the growth rate of 9.9% in May). The industrial production growth of 14% has been reported both in May and in June; the best results have been achieved by exporters.

The positive development in the Polish economy has also been observed and confirmed by the World Bank. According to its recent report, the Polish GDP growth rate in 2010 and 2011 will be 3 and 3.7 percent accordingly. Also the Organization for Economic Co-operation and Development has increased its forecast as regards the Polish GDP growth in the current year up to 3.1%, and, in 2011, up to 3.9%.

]]> http://msp.gov.pl/portal/en/16/1551/Polish_economy_performs_well.html Public Relations Office Marzena Feldy Contract with the general contractor of the LNG terminal in Świnoujście signed On 15 July 2010, with the participation of the Minister of Treasury, Mr. Aleksander Grad, the contract for construction of a liquefied natural gas (LNG) terminal in Świnoujście was signed between the investor – the company Polskie LNG S.A. and the contractor – the consortium Saipem S.p.A. (Italy) – Saipem SA (France) – Techint Compagnia Technica Internazionale S.p.A. (Italy) – Snamprogetti Canada Inc. (Canada) – PBG SA (Poland) – PBG Export Sp. z o.o. (Poland). The ceremonious event was attended by diplomats, members of the parliament, senators, public administration officials, as well as representatives of banks and the media.

The contract was signed on behalf of the investor by the CEO of Polskie LNG S.A. – Mr. Zbigniew Rapciak and for the contractor by Mr. Pierre Berger of Grupa Saipem, Mr. Paolo Bigi of Techint and Mr. Tomasz Woroch of Grupa PBG. The value of the contract is PLN 2,946,559,860 gross (PLN 2,415,213,000 net).

“The conclusion of the contract – and prior to that the adoption of a Special Act regulating and simplifying procedures related to the construction of the terminal – as well as obtainment of required environmental decisions and building permit confirm that the endless talk of the need to diversify gas sources is over as today it has become reality. The construction of the LNG terminal will give Poland more independence in the selection of a natural gas supplier. The terminal will allow us to receive gas delivered by sea and to execute contracts signed with Qatar. The investment is the first project of this kind in this part of Europe,” said Aleksander Grad, the Minister of Treasury.

The consortium’s task is to construct the LNG terminal w Świnoujście and release it for use by 30 June 2014. The companies making up the winning consortium already have experience in constructing LNG terminals around the world, among others in Canada (Canaport LNG), USA (Freeport), China (Terminal Guandong), South Korea (Pyeongtaek LNG), Belgium (Zeebrugge), Spain (Bilbao), Turkey (Marmara LNG) and France (Fos Cavaou LNG).

“The LNG terminal will allow us in the future to receive by sea as much as 7.5 bn cubic meters of gas, which will be roughly 50% of Poland’s annual need for natural gas. The terminal means not only more independence, but also new professional development opportunities, as it will give an impulse for the creation in Szczecin and Świnoujście of a European LNG Training Centre. The centre will train highly qualified professionals that will be employed in LNG terminals in Poland and abroad,” said Zbigniew Rapciak, the CEO of Polskie LNG S.A. “I would like to thank all companies that took part in the tender for their professional offers. My gratitude also goes to all employees and partners of PLNG for their commitment in the execution of this project,” added Rapciak.

The construction of the LNG terminal was deemed by the Polish Government as an investment strategic to the country’s energy security. The terminal will be constructed in Świnoujście on a location designated for port development. It will receive each year up to 5 bn cubic meters of natural gas (with possible extension to 7.5 bn cubic meters). The LNG terminal in Świnoujście is the first investment of this kind in Poland and in this part of Europe.

“The LNG terminal in Świnoujście is one of the key investments under a large scale investment plan within the scope of gas infrastructure development in Poland delivered by GAZ-SYSTEM S.A. The contract signed today ends formal preparations and marks the beginning of the construction phase of the project. Construction of the LNG terminal and new gas pipelines and cross-boarder connections delivered by our company will in the future allow other countries from East and Central Europe to access the global market of liquefied natural gas using Polish industrial infrastructure,” said Jan Chadam, CEO of GAZ-SYSTEM S.A. – project coordinator.
Commencement of construction is planned in the second half of 2010. The project will be completed on 30 June 2014.
* * *
Polskie LNG S.A. is a special purpose vehicle established for the construction and operation of the LNG terminal in Świnoujście. The company Polskie LNG was created in 2007 as part of the strategy to diversify supplies of gas to Poland. It is owned by the Gas Transmission Operator GAZ-SYSTEM S.A. – a state-owned company.

On 6 August 2009, the company Polskie LNG S.A. commenced the selection procedure for the General Contractor. On 30 September 2009, eight applications were filed from entities comprising in total 25 companies from 9 countries. On 9 November 2009, three entities were admitted to the final stage: the consortium Saipem S.p.A. (Italy) – Saipem SA (France) – Techint Compagnia Tecnica Internazionale S.p.A. (Italy) – Snamprogetti Canada Inc. (Canada) – PBG SA (Poland) – PBG Export Sp z o.o. (Poland); the consortium Tecnimont S.p.A. (Italy) – Polimex Mostostal SA (Poland) – Sofregaz SA (France) – Vinci Construction Grands Projets Sas (France) – Entrepose Contracting SA (France) and the consortium Daewoo Engineering & Construction Co Ltd. (Korea) – Korea Gas Corporation (Korea) – Daewoo Engineering Company (Korea). On 4 February 2010, all three consortia submitted initial offers, and on 21 June 2010 final offers including prices.

On 24 June 2010, the company Polskie LNG S.A. selected the entity that will construct the LNG terminal in Świnoujście (the General Contractor). The winning bidder is the consortium Saipem S.p.A. (Italy) – Saipem SA (France) – Techint Compagnia Tecnica Internazionale S.p.A. (Italy) – Snamprogetti Canada Inc. (Canada) – PBG SA (Poland) – PBG Export Sp z o.o. (Poland), which placed the winning bid with the lowest total price (PLN 2,946,559,860 gross).

Entities participating in the tender were entitled to file appeals, if any, by 5 July 2010. No appeals were filed. The tender was executed under the Special Act of 24 April 2009 on Investments in the Regasified Liquefied Natural Gas Terminal in Świnoujście. The Special Act was prepared on the basis of EU Directives, which provide that procurements must made in a fair and transparent manner – respecting the rights of tender participants and fair competition – via an open, fair, transparent and non-discriminatory procedure.
 

]]> http://msp.gov.pl/portal/en/16/1524/Contract_with_the_general_contractor_of_the_LNG_terminal_in_Swinoujscie_signed.html Public Relations Office Aleksandra Karpowicz The International Monetary Fund forecasts Poland’s 2010 GDP to reach 3.1% According to the latest report of the International Monetary Fund (IMF) "Restoring confidence without harming recovery" on world economy, Poland can expect a 3.1% GDP growth in 2010 and 3.5% in 2011.

These expectations correspond with the GDP forecast published at the end of May 2010 by the Organization for Economic Co-operation and Development (OECD). The IMF and OECD forecasts are the highest for Polish economy so far. The European Commission and the World Bank previously forecasted Polish GDP to growth between 2% and 2.7% in 2010.

According to IMF analysts, Poland should carry on its structural reforms, with particular emphasis on making the structure of public finances more flexible and completing the pension system reform.

]]> http://msp.gov.pl/portal/en/16/1494/The_International_Monetary_Fund_forecasts_Polands_2010_GDP_to_reach_31.html Public Relations Office Marzena Feldy Pricewaterhousecoopers report: Warsaw Stock Exchange number 2 in Europe In the latest Pricewaterhousecoopers report “IPO Watch Europe Survey” on Q2 of 2010 on capital markets, the Warsaw Stock Exchange was ranked second in Europe, as regards the total number and value of public offers, losing only slightly to the London Stock Exchange.

According to Pricewaterhousecoopers, a total of 25 companies debuted on the Warsaw Stock Exchange in Q2 of 2010 (only 2 less than in London). Altogether, 89 companies made their stock exchange debuts across Europe, which means that 58% of all stock debuts took place on the two leading European stock exchanges – the Warsaw Stock Exchange and the London Stock Exchange.

In Q2 2010, the value of public offers on the Warsaw Stock Exchange was only slightly smaller than in London. In this period, the overall value of IPOs in London was 3.202 million Euro, compared to 3.150 million Euro in Warsaw. Given the fact that the value of all public offers in Europe was 9.014 million Euro, in percentage terms, Warsaw accounted for 35% and London for 36% of all European IPOs.

Two out of the top five largest IPOs in Europe took place in the Warsaw Stock Exchange. PZU’s IPO turned out to be the biggest European IPO, with 1.990 million Euro obtained from the offer. The Fourth largest transaction concerned Tauron Polska Energia, with 1.026 million Euro. Public offers of both these companies were among the key projects completed in 2010 as part of the Privatisation Programme 2008-2011.

Read Pricewaterhousecoopers report “IPO Watch Europe Survey”.

]]> http://msp.gov.pl/portal/en/16/1491/Pricewaterhousecoopers_report_Warsaw_Stock_Exchange_number_2_in_Europe.html Public Relations Office Marzena Feldy Upward trend for Poland’s economy continues The Central Statistical Office (GUS) published the latest data on Poland’s economy. The report came as a positive surprise to many Polish economists and market experts.

According to GUS, the unemployment rate in Poland was 11.9% in May, vs. 12.3% in April. This is the fourth consecutive month with a drop in the unemployment rate which in May was lower by 1.1% compared to February.



In its latest report, GUS also gives results of retail sale, which in May grew by 4.3% in comparison with May 2009, and by 3.1% in comparison with last month.

The figures published by GUS are much better than expected by experts, who when asked by the Polish Press Agency (PAP) estimated that the retail sale would increase in May by 2.5% month to month and 3.2% year to year, respectively.

The GUS release also reads that, “between January and May, labour productivity in industry was up 12.9% compared with the period between January and May 2009, with lower employment (down 2.5%) and higher average monthly gross wage (up 4.8%)”. According to GUS, the number of new orders received in industry is also growing in Poland. In a year to year comparison, this value increased by 9.9% and an impressive 19.3% in May and April, respectively.

]]> http://msp.gov.pl/portal/en/16/1452/Upward_trend_for_Polands_economy_continues.html Public Relations Office Marzena Feldy The World Bank gives a positive opinion about the condition of Poland’s economy Poland will receive another billion Euro from the World Bank for economic reforms. It is a signal for investors that according to the Bank Poland’s economy is in a good position.

In an interview for the daily Gazeta Wyborcza, Kaspar Richer, Senior Economist of the World Bank, explains that the purpose of the loans granted by the World Bank is to support reforms that will allow Poland to reach the level of development similar to the EU average. Altogether, by November 2008 Poland received 3 billion Euro from the World Bank. The first loan supported the private sector, the reform of the labour market and the management of public finance. The second loan, due to the global crisis, supported mainly social issues.

The present loan will be used to support the above areas, however, additionally it will support activities leading to consolidation of public finance. “In Poland, the program of consolidation of public finance, aiming at decreasing the deficit to 3 percent of GDP by 2012, is quite ambitious,” says Kaspar Richer.

The loans granted by the World Bank are good for the economy, as, due to a lower interest rate compared with credits taken on the financial market, they are a form of inexpensive financing of reforms.

]]> http://msp.gov.pl/portal/en/16/1436/The_World_Bank_gives_a_positive_opinion_about_the_condition_of_Polands_economy.html Public Relations Office Marzena Feldy Tauron Polska Energia S.A. to be the property of over 200 thousand Polish people Over 200 thousand individual investors have subscribed for the purchase of shares of Tauron which is to be privatised in the oncoming IPO. This accounts for another “citizen shareholding” success of privatisation transactions, following the success of PZU’s IPO. The book-building process in the institutional tranche, and thus the sale of shares in the public offer, shall conclude on 21 June 2010.

Preliminary estimates show that over 200 thousand Polish people have subscribed for the purchase of the shares of Tauron Polska Energia S.A. Currently, the demand for shares is undergoing final verification among individual investors. Subscription was conducted as part of the “citizen shareholding” programme which provided for each individual investor subscribing for up to 13,500 shares. After the completion of its IPO, Tauron will become one of the three (next to PZU and PKO BP) companies with the largest shareholding in Poland. The book-building process in the institutional tranche for individual investors shall conclude on 21 June 2010. Information on the final terms of the transaction and its price parameters will be published next week.

Tauron Polska Energia S.A. is the second largest producer of electric energy in Poland, the biggest energy distributor and one of the largest sellers. Introduction of such a large company on the Warsaw market, including WIG20, will strengthen the position of the Warsaw Stock Exchange as the regional financial centre. The great interest of domestic and foreign investors in Tauron’s IPO proves that Warsaw has become an indisputable leader of capital markets in the regions of Central and Eastern Europe.

The participation of such a large group of individual investors in another privatisation conducted as part of “citizen shareholding” proves the trust of Polish people not only in the Polish economy and capital markets but also in the offer prepared by the Ministry of Treasury and may be considered as an approval of the currently conducted privatisation processes.

]]> http://msp.gov.pl/portal/en/16/1434/Tauron_Polska_Energia_SA_to_be_the_property_of_over_200_thousand_Polish_people.html Public Relations Office Aleksandra Karpowicz Information on the participation of KGHM Polish Copper in the IPO of Tauron Polska Energia
As part of the bookbuiling process for shares in Tauron Polska Energia, KGHM has made a public declaration of interest in participating in the company’s stock exchange debut. This should be treated as an element of the previously announced by KGHM’s Management Board strategy to diversify business operations. This strategy comprises, inter alia, searching for interesting investments in the power sector.

While preparing the stock exchange debut of Tauron, Ministry of the State Treasury has divided the offering into one part targeted at retail investors, and another one, targeted at institutional investors. Such a split was made with the debut’s, and in consequence, Tauron’s future development, success in mind. The solution was adopted also with investors in mind, as they are participating in yet another historical IPO. As a result of this split, KGHM will be treated as any other institutional investor. There is no special tranche of shares for KGHM, nor there are any special allocation rules, which would differ from those applicable to other institutions.

The objective of the Ministry is to ensure for Tauron a stable shareholder base with a long-term investment horizon, comprising retail and domestic, as well as international, institutional investors. For this reason, the State Treasury – in line with the principles laid out in the offering prospectus – has no intention to treat during the share allocation process purchase demand indicated by KGHM in a manner privileged against other institutional investors. The allocation of the shares within the IPO to institutional investors will be made in accordance with principles customary for international financial markets, while taking into account parameters typical for transactions of this kind, such as time of placing an order, its size and price offered.

The Ministry would like to see that the company as important for the Polish economy as Tauron is, becomes member of the WIG20 index – which is devoted to the largest and the most liquids stocks- as quickly as possible, Furthermore, the State Treasury wishes to see that institutional investors, both domestic and international, have their representation in the Supervisory Board of Tauron and decide – jointly with the State Treasury - about the key directions of the company’s development.
 

]]> http://msp.gov.pl/portal/en/16/1425/Information_on_the_participation_of_KGHM_Polish_Copper_in_the_IPO_of_Tauron_Pols.html Public Relations Office Agnieszka Steindl Poland’s economy still high – GDP grows 3% in Q1 of 2010 According to the data published by the Central Statistical Office (GUS), the economic growth in Poland in the 1st quarter of 2010 was 3%.

According to GUS, "in the 1st quarter of 2010 the main GDP growth factor was domestic demand. Its impact on the rate of economic growth was 2.3%. The impact of total consumption expenditure and capital formation was 2% and 0.3% respectively (with negative impact of investment demand -1.8% and positive impact of stock change 2.1%). The impact of foreign demand (net export) is still a positive value, however its scale is clearly smaller than in the previous quarters (0.7%)."

First 2010 GDP results for Q1 from other countries (Germany – 0.2% growth, UK – 0.3% growth) allow to realistically believe that Poland’s GDP in the 1st quarter of 2010 will rank Poland among top countries of the European Union.

Market experts say that Poland’s GDP after Q1 might have been even higher, but long and hard winter postponed some construction projects planned in the winter period.

Depending on various forecasts of key European financial institutions, Poland’s 2010 GDP will reach between 2.5% and 3.1%, and Poland, next to Slovakia, will grow fastest in 2010

]]> http://msp.gov.pl/portal/en/16/1382/Polands_economy_still_high__GDP_grows_3_in_Q1_of_2010.html Public Relations Office Katarzyna Szulc OECD raises GDP forecast for Poland In its latest report of 26 May 2010, OECD economists raised Poland’s 2010 economic growth forecast from 2.5% to 3.1%. This is the highest 2010 GDP forecast for Poland delivered by key European financial institutions. Poland’s 2011 economic growth forecast was also raised from 3.1% to 3.9%.

According to OECD representatives, the driving force behind Polish economy is mainly export and consumption. Poland’s preparations for the 2012 UEFA European Football Championship will also contribute significantly to the economic acceleration.

Apart from the data concerning Poland’s GDP growth, the latest OECD report also presents an increased GDP forecast for the Euro zone (from 0.9% to 1.2% in 2010 and from 1.5% to 1.8% in 2011).
 

Source: Poland - Economic Outlook 87 Country Summary
http://www.oecd.org/document/13/0,3343,en_33873108_33873739_45270221_1_1_1_1,00.html

]]> http://msp.gov.pl/portal/en/16/1321/OECD_raises_GDP_forecast_for_Poland.html Public Relations Office Aleksandra Karpowicz 1st quarter of 2010: Growing volume of foreign investment in Poland In the 1st quarter of 2010 Poland received EUR 3.5 billion of capital in the form of foreign direct investment (FDI), which constitutes nearly half of all the resources which Poland received in the entire 2009 and almost 2.5 times more than in the 1st quarter of 2008.

High value of foreign direct investment in Poland in the 1st quarter of 2010 resulted mainly from reinvestment of profits by investors already present on the Polish market and from investment in equities. The inflow of resources in the form of loans from direct investors was another important factor in the increase of the value of foreign direct investment.

Apart from considerable value of foreign direct investment, an increase in the number of new greenfield projects might be also observed in Poland.

Due to the crisis of the last 2 years, there has been a global decrease in investment in capital intensive sectors and manufacturing sectors for the benefit of the service sector. Currently, Poland is, next to Ireland, the country receiving the highest investment in the Business Process Offshoring sector in Europe.

More information can be found on the website of the Polish Information and Foreign Investment Agency (PAIiIZ).
 

]]> http://msp.gov.pl/portal/en/16/1315/1st_quarter_of_2010_Growing_volume_of_foreign_investment_in_Poland.html Biuro Komunikacji Społecznej Aleksandra Karpowicz