Банкеръ Weekly



The State Insurance Institute (DZI) will be sold by a tender. An 80-percent stake in the company will be offered to a strategic investor, the Privatisation Agency (PA) specified. It is almost certain that the state insurer will be sold in accordance with the provisions of the currently effective Privatisation Act, PA sources claim.The option that a foreign company takes over DZI's management for a period of 12-18 months has been finally dropped out. Rumours about the state insurer's possible foreign management began circulating again in the last one-two weeks, probably due to the news that the IMF had insisted for opening procedures for DZI's sale by end-March. The idea for assigning the company's management to a competent company (while the previous privatisation procedure for DZI's sale was going on) was launched by the Pan-european insurer Eureco, but it was not realized. The Government gave up that option because more and better candidates buyers for DZI appeared this time, PA experts commentedThe second procedure for DZI's sale should be opened within a few days. It was initially scheduled for March 4, but was postponed because Decree No45 for approving the Ordinance on Tenders (voted by the Council of Minsiters on February 26) had to be published in teh Officil Gazette. The decree was promulagated on March 5.However, the date on which the privatistion procedure will be opened is not known yet. Both the initial date and DZI's evaluation will be made pblic when we are ready, PA's press centre announced. According to insurance circles, end-June is the most optimistic term for finalization of DZI's sale.Meanwhile, rumours began circulating that the Polish insurance giant PZU had renewed its interest in DZI. The company was mentioned as DZI's candidate purchaser during the previous privatisation procedure, but it did not file an offer then. PZU is the top insurer in Eastern Europe and a remarkable fact is that Eureco is a shareholder in it. The annual turnover of the Polish insurer is estimated at USD120MN.

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