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Poland: HCP Cegielski to be privatised

September 2007.

Polish government is planning to privatise one of the oldest Polish manufacturers of rolling stock, high-pressure two-stroke engines applied in the drives of the ships, and radial air blowers, piston and impeller type compressors in the power stations. The IPO of the 49% share of the company\\\\'s assets is scheduled for 2008.

The share is worth PLN 286m (EUr 75.7m).

The share includes assets of nine companies comprising of HCP holding, including the tram and rolling stock manufacturers FPS.

FPS occurs to be the most stimulating incentive for the potential investors. Ealier this year, when the privatisation plans were sketched three companies immediately expressed their interest in the purchase: the leadin Polish rolling stock manufacturer PESA Bydgoszcz, interntationaly recognised bus and coach manufacturer Solaris Bus & Coach and Nowatex.

Solaris does not conceal its plans to enter the tram building market and the purchase of FPS woul facilitate that.

The Ministry of treasury does not consider these offer. Its plans is to privatise HCP via the stock market, beacuse its plans envision the sale of the whole holding, without separating any of its subsidiaries.

The ship engines building plant employes the majority of HCP staff being the major concern for the government.

In 2007 HCP will construct 23 engines, while in 2006 the number was 28.

In 2006 HCP made net profit of PLN 31.2m (EUR 8.5m).

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