Poland's economy minister opposes JSW stake sale

Wed Sep 26, 2012 6:31am EDT
 
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WARSAW (Reuters) - Poland's economy ministry opposes plans to sell a further stake in coal miner JSW (JSW.WA: Quote) on the Warsaw bourse, its minister said on Wednesday.

On Tuesday, a deputy treasury minister signaled Poland could be looking to sell as much as 22 percent in JSW, the European Union's largest coking coal miner, cutting its holding to 34 percent, while retaining control of the group.

"There's no such need," Economy Minister Waldemar Pawlak told reporters.

The treasury ministry, which oversees state companies and has been boosting state coffers with a steady stream of privatization income, would have to agree any JSW sale with the economy ministry, which has a final say over mining assets.

JSW has a market capitalization of $3.4 billion.

At 0955 GMT, shares in the miner were down 0.7 percent against a 1.3-percent fall in the country's large-cap index WIG20 .WIG20.

(Reporting by Agata Nalecz; Writing by Adrian Krajewski; Editing by Mark Potter)