News Parkiet

Automotive industry

Toora up 9 pct. on IPO

Auto parts maker Toora Poland begun trading at 17.25 zloty yesterday, up over 9 percent from its IPO price of 15.8 zloty. The company, an Italo-Polish joint-venture, sold 7.28 million shares earlier this month, raising some 115 million zloty for expansion.

Toora, which makes aluminum car parts and heating system components, plans to expand eastward, following the footsteps of big Western car companies as they move into the former Soviet Union, chief executive Renzo Poli said. The company became 35th IPO on the Warsaw Stock Exchange so far this year.

Retail supplies

Novitus cuts IPO size

Poland?s no. 1 cash register maker Novitus SA has decided to cut the number of shares offered in an IPO that closes this week from 3.6 to 3.13 million. Some 50 000 additional shares will be offered to retail investors, Novitus said in a statement. BRE Bank, the main shareholder of Nowy Sącz-based company said initially it plans to sell up to 3.6 million shares at 15.3 zloty each.

Equity markets

SEC launches insider trading probe over Elstar, Beef-San

Polish SEC begun investigating suspicious trading activity involving shares of Canola oil maker Elstar Oils and Beef-San meat packaging plant this Monday after shares of the two firms rose 7 percent and 22 percent respectively just hours before new positive announcements. Elstar Oils, which reported a new earnings forecast after Monday?s close rejects insider trading charges, CEO Stanisław Rosnowski said. Beef-San, which said it plans to buy AJPI, another meat-maker, admits the market ?knew about the planned announcement?. However, CEO Jerzy Biel said neither he nor any of his family bought shares before the news was out.