Amica slumps on sales warning
Shares of Amica home appliance maker plunged 12 percent to 21.3 zloty, the lowest in well over a year after Friday?s announcement that sales this year will be much lower because of ?difficult? market conditions and the bankruptcy of a key customer, Mars electronics distributor. Amica wouldn?t provide specific guidance for investors.
Sales of Wronki, Upper Poland-based company totaled 1.21 billion zloty last year, while this year revenues in the six months to July reached just 510 million zloty. One analyst who follows the stock, BDM PKO BP?s Andrzej Pasławski, says he expects Amica to report profits of 7 to 10 million zloty this year. That compares with last year?s earnings of some 40 million zloty.
Privatization funds
Two NFI funds to change buyback terms
Two NFI privatization funds, Fund.1 and NFI Victoria are planning to call special meetings to change the terms of their buyback programs. The two have recently announced bids to buy back a quarter of their outstanding shares each, but they?ve overlooked a regulation that says you can?t launch a public tender offer that?s lower than your previous bid. Fund.1 paid almost 10 percent more in a stock buyback in January, while Victoria offered to buy back shares at 30 zloty each, 7 zloty more than the existing bid. Both funds are expected to raise their bids, scaling back the number of shares purchased.
