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Huta Szkla Wolomin privatization proceeds

16 September 1998: The privatization of three Warsaw, Poland enterprises from the construction sector, Cementownia Warszawska cement plant, of Huta Szkla Wolomin glass steel works and of Warszawskie Z…

16 September 1998: The privatization of three Warsaw, Poland enterprises from the construction sector, Cementownia Warszawska cement plant, of Huta Szkla Wolomin glass steel works and of Warszawskie Zaklady Eksploatacji Kruszyw WZEK quarry plant, is to be completed by the end of the year, according to a recent press report. The cement plant is to be privatized in the next few weeks, the report said. The assets of the indebted enterprise are to be transferred to a company which is to be jointly set up with Germany“s Dyckerhoff. Initially, the German investor would take over a minority stake in the plant, reportedly for several million dollars. Dyckerhoff“s share in the enterprise will increase after the plant is capitalized because the Treasury will relinquish its issue rights, the report said. The management of the glass cement plant intends to invite bidders to tender by the end of September. By mid-September the plant“s valuation is to be completed. The cement plant“s debt is unofficially estimated at Zl 12 million and its technical infrastructure is considered outdated. Nevertheless, the management claims that there are bidders interested in purchasing the plant, which is the largest producer of window glass in the Warsaw area.

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