News Parkiet

Mutual funds

Mistral to buy GTFI mutual fund company

Private equity fund I Fundusz Mistral is seeking regulatory clearance to buy 75 percent stake in Polish mutual fund company GTFI. Unless Polish SEC blocks the sale, the deal with Fundusz Górnośląski, a government-backed regional development fund could be signed by early December, sources close to the situation said. GTFI is a small company, with just over 300 million zloty in assets under management, most of it in bond funds.

Privatization

PGNiG assets threatened by re-nationalization

Opposition PO and PiS politicians, the two parties that are widely expected to win this year?s parliamentary elections say they will push for re-nationalization of selected assets of natural gas monopoly PGNiG. State-owned company is in the middle of a 2.7-billion zloty IPO that ends two weeks from now.

Building materials

Barlinek IPO priced at 6.4-7.3 zloty

Flooring manufacturer Barlinek SA could raise up to 160 million zloty for itself and for its main shareholder, Polish businessman Michał Sołowow based on the company?s preliminary IPO pricing range of 6.4 to 7.3 zloty. Barlinek, Poland?s biggest maker of parquet flooring plans to sell 22 million shares in an offering that starts today.

Food processing

Wawel moves production to Dobczyce

Candy and chocolate maker Wawel is moving to a new plant in Dobczyce near Cracow, chief executive Dariusz Orłowski told PARKIET on Monday. Wawel, which used to operate from three sites in Cracow itself says it plans to sell those properties, raising money for the repayment of its 53-million zloty ($16.9 million) loan to build the new factory.

Orłowski says Wawel expects earnings that will be at least as good as

last year?s profits of 18.7 million zloty in 2004. Much of its sales, which totaled almost 200 million zloty last year, are in the fourth quarter, during the Christmas season.

Information technology

ComputerLand up on PSE contract

Shares of Poland?s no. 2 IT company, Warsaw-based ComputerLand, rose 2.5 percent to close at 99 zloty yesterday on news of a 42-million zloty ($13.3 million) contract to design and install wiring, LAN networks and telecommunications links at the new headquarters of Operator Systemu Przesyłowego, the country?s main power grid operator. The deal is the biggest contract awarded to ComputerLand this year.

Utilities

Ropczyce sells stake in local heating company

Publicly traded manufacturer of magnesium products Zakłady Magnetyzowe Ropczyce SA said it has sold its 28.4 percent stake in Przedsiębiorstwo Energetyki Cieplnej, a district heating system in its hometown for 2.4 million zloty. Ropczyce said it wouldn?t gain a penny in cash on the sale to local municipality because the price will be offset by lower municipal taxes for the next four years.