The state treasury has put up for sale a 7.5% stake in telecommunications giant TPSA and is targeting the shares at institutional investors in Poland and abroad, Parkiet reported.

The offer is being managed by Credit Suisse First Boston, which, besides holding the status of the Global Co-ordinator and the Book-Runner, has the right to purchase 15.8 million of the shares. BZ WBK is the joint co-organiser of the sale. Based on Monday's closing price, the Treasury's offer is valued at approximately 1.5 billion zlotys.

In accordance with earlier market expectations, the treasury will also strengthen the finances of Kompania Weglowa, a state owned coal mine holding company, by transferring to it some 27.3 million TPSA shares, which is worth 391 million zlotys.

(NewsBase 06.xi.03)