FRENCH STATE SELL-OFFS RAISE 52 BILLION FRANCS The French government's privatisation program, which began late last year, has earned the French State about 52 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 398.2 billion at the end of 1986. 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 66 state-owned industrial, banking and insurance companies by 1991. Other companies to be sold to the private sector in the near future are television network TF-1 later this month and banking group Cie Financiere de Suez <FSPP.PA> in the autumn. The ministry said TF-1'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 15 and 30 pct over their offer price. This compared with premiums of between 60 and 80 pct on similar share flotations in Britain.