Cable lines privatisation in the bag

PKL cable-car in Zakopane: photo - PAP/Grzegorz Momot

PKP sold all 100 percent of the shares to joint venture PKG for 215 million zloty (51.1 million euro).

“The acquisition of PKL by PKG is a rare example of a situation where gains have not only been made by the parties directly involved in the transaction,” reflected PKP chair Jakub Karnowski in a press release obtained by Polish Radio.

“This regional company with its tourism-centred profile is in the hands of those who best know how to navigate its future, namely the local communities.”

PKG was set up by local authorities from the town of Zakopane and its environs, and its operations extend to ski resorts in the spa towns Krynica and Szczawnica.

Twelve bids were made for PKL when PKP officially announced the sale in December last year.

The sale was hastened by PKP's need to balance its books, after notching up debts of 4.3 billion zloty (1 billion euro) by the close of 2012.

PKP still has a majority stake in, and in some instances a 100 percent ownership of 19 companies, but by 2015, it aims for this number to be reduced to just five. (nh)

Source: IAR