Polish government to sell Baltona stake

Gavin Lipsith

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The former state-run company will become a fully-privatised company once the government disposes of its non-controlling stake

The Polish treasury is to sell its remaining 26.83% stake in former state-owned travel-retailer Baltona. The company, which runs duty-free stores in six Polish cities including shops at Warsaw and Krakow airports, was originally privatised in 1992.

Until now the government has been the second-largest stakeholder in Baltona. Alfa Center is the largest with a 48.78% holding, the Polish Airports State Enteprise holds a 12.75% share and a Polish investment group is the other significant shareholder, with 11.16%.

Baltona's comprises duty-free shops at airports and ports (75% of turnover) as well as by ship supply (10%), domestic retail (7%), export (2%), diplomatic supply (1%) and other business activities including real estate, currency exchange, VAT refund and logistics (5%).

Swedish distributor and retailer Inflight Service, which runs airport stores in Poland after buying the eastern European business of SAS Trading earlier this year, may consider bidding for a stake in Baltona. Co-founder Johan Kullander told RavenFox.com: "We already operate in Poland so it is logical that we would study any opportunity to grow our business there."