Polish operator Baltona for sale

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Poland's state-run Privatisation Agency has invited tenders to buy varying share packages in five companies, including trading company and duty-free operator Baltona.

Investors who wish to acquire nearly 27% of stocks in Baltona can register their offers with the Privatisation Agency until 22 March.

Baltona, controlled by private companies, is Poland's largest duty-free chain and has other interests such as ship supplies, ship catering and an expanding laundry services business. According to the Privatisation Agency, the company has been making profits for several years and is continuing to invest. Duty-free shops generate approximately 68% of its total revenues and include Warsaw Okecie airport and Gdansk port business. Ten years ago Baltona was the major government-run hard currency store with 50 foreign exchange shops.

Baltona had Z 70.3m ($16.8m) of revenues and Z 0.9m ($0.2m) of net profits in 2001.