WARSAW, June 22 — Poland’s Treasury Ministry said today it had put on hold the planned initial public offer (IPO) of its real estate group PHN due to unfavourable market conditions.

The ministry said the flotation of PHN — a key part of Poland’s 10 billion zloty (RM9 billion) privatisation plan for 2012 — was still possible in the second half of the year.

Reuters reported in April that dark clouds were gathering over the IPO because of the hastily-forged real estate group’s complexity and a shaky property market. — Reuters