Polish utility ZE PAK nearer to float after prospectus approved

WARSAW, Oct 8 (Reuters) - Polish power firm ZE PAK took astep towards an initial public offering (IPO) planned for thefourth quarter after the financial market watchdog approved itsprospectus,the regulator said on Monday.

Poland plans to sell its 50-percent stake in the country'sNo.5 electricity producer as part of a $3 billion plan toprivatise several of the state's stakes this year.

Bookrunners value the whole company at between 1.5-3.7billion zlotys ($500 million-$1.2 billion), market sources toldReuters last month.

The company will join several state-controlled utilities onthe stock exchange, including top player PGE andchallengers Tauron and Enea .

ZE PAK closed 2011 with revenues of 2.69 billion zlotys anda core profit (EBITDA) of 769 million zlotys.

Polish media and telecoms magnate Zygmunt Solorz-Zak cededday-to-day control of the utility in exchange for the right toacquire a majority stake in the IPO.($1 = 3.1179 Polish zlotys)

(Reporting by Maciej Onoszko)

((maciej.onoszko@thomsonreuters.com)(+48 22 653 97 11)(ReutersMessaging: maciej.onoszko.reuters.com@thomsonreuters.net))