Polish utility ZE PAK nearer to float after prospectus approved

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

Poland plans to sell its 50-percent stake in the country's No.5 electricity producer as part of a $3 billion plan to privatise several of the state's stakes this year.

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

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

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

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

(Reporting by Maciej Onoszko)

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