Poland selling 5 per cent stake in country’s largest utility for $600m

Poland is selling a 5 per cent stake in PGE SA (PGE), the country’s largest power utility, to finance the budget deficit and curb borrowing needs.

The government seeks to raise over $3bn this year from state-asset sales, compared to $4bn in 2011, to help fund spending after posting a deficit equal to about 5.6 percent of gross domestic product last year.

Poland sold 10 perc ent of the utility in 2010.

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