	french state sell offs raise billion francs the french government s privatisation program which began late last year has earned the french state about billion francs to date the finance ministry said sources close to finance minister edouard balladur said the revenues raised from the privatisation program would be used in priority to pay off public debt which stood at billion at the end of the ministry said in a communique that the returns included banking group societe generale sgen pa which began its two week public flotation last monday the government has carried out eight flotations as well as the private sale of telephone group cie generale de constructions telephoniques cgct since its denationalisation scheme began last december with the sell off of glass makers saint gobain sgep pa it added the government has pledged to privatise state owned industrial banking and insurance companies by other companies to be sold to the private sector in the near future are television network tf later this month and banking group cie financiere de suez fspp pa in the autumn the ministry said tf s forthcoming sell off meant that a third of the government s programme would have been completed in less than nine months balladur on sunday rejected press and opposition charges that the share prices for privatised companies had been pitched too low he said that the average premium of shares trading on the bourse was between and pct over their offer price this compared with premiums of between and pct on similar share flotations in britain reuter 
