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Privatization of last state-owned white goods producer

White goods producer Zelmer, the last state-owned sector player, said that it is preparing to go private, and did not rule out debuting on the Warsaw Stock Exchange (WSE).

Zelmer has already filed a motion to kick-start its privatization with the Treasury Ministry, and would call a tender for a privatization advisor in May. "I hope that one year from now the company will be in private hands," said Andrzej Libold, the head of the company's supervisory board.

However, an unexpected obstacle may arise on the side of Zelmer's unions which stand in opposition to any deal with a sector investor. "People are afraid they might share the fate of another sector player, Polar, privatized earlier which was sold several times and lost its value," said Libold pointing to a flotation on the WSE as a safer option.

(WBJ 25.iv.03)

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