News Parkiet

Equity markets

Millennium quits LSE

Poland's Bank Millennium said it is seeking regulatory approval to quit trading on the London Stock Exchange, citing low trading volume and the desire to cut administrative expenses. Millennium's Global Depositary Receipts (GDRs) have changed hands just twice in the first half of 2005.

'We plan to concentrate our trading in our home market', Millennium's Artur Kulesza says. Millennium paid 4000 pounds a year to have its GDRs listed on the London Stock Exchange.

Other Polish corporations say they have no plans to delist their Global Depositary Receipts, at least for now. However, one corporate IR official says that having GDRs may still make sense, noting that not all Western pension funds and insurance firms are able to buy stocks listed on emerging market stock exchanges.

Privatization

PGNiG meeting postponed until Aug. 17

Key shareholders' meeting of the state-controlled Polish Oil and Gas Company (PGNiG), Poland's natural gas monopoly, has been postponed until August 17. The Treasury, which owns 100 percent of PGNiG, was supposed to vote on whether to accept an IPO schedule proposed by company's management and backed by its unions.

Banking

Getin Bank reports 1H earnings

Shares of Getin Holding financial group rose 2.97 percent to close at 3.81 zloty after its key operating unit, consumer credit and mortgage lender Getin Bank said its six-month earnings were up 47 percent to PLN 38 million zloty. Headed by Wrocław businessman Leszek Czarnecki, the founder of Getin Holding, Getin said its loan portfolio grew by 30 pct. year-on-year, totaling PLN 2.8 billion. Savings deposits rose 11 percent to PLN 3.9 billion. Return On Equity totaled 18.9 percent, Czarnecki said.

Privatization funds

Zachodni to lend PLN 9 million

to senior executives

Three senior managers of Zachodni NFI privatization fund may receive a 9 million zloty loan to buy their company's stock, the fund reported in a regulatory filing over the weekend. One of fourteen privatization funds listed on the WSE, Zachodni said it may borrow up to 5.4 million zloty to CEO Janusz Lazarowicz to buy its shares. Two other executives are seeking loans of PLN 1.8 million each. Zachodni plans to buy back 32 million zloty worth of shares before the loans are made, the company said.

Chemicals

BorsodChem eyes acquisitions in Poland

Hungarian plastics manufacturer BorsodChem Rt. says it may buy one of several Polish chemical plants now owned by the state-controlled Nafta Polska privatization agency. The company, whose shares are listed on the Warsaw bourse, said earlier it may buy one of four nitrogen and fertilizer plants controlled by Nafta. 'We'll probably make an official statement on this issue next week', BorsodChem investor relations officer Miklos Hianti told PARKIET recently.