News Parkiet

Currency market

New complaints about Easy Forex

Investors dealing with Easy Forex Poland currency trader say the firm is often late with credit card refunds. Several customers complained to PARKIET they had to wait for weeks or sometimes months to get their money back. These allegations were backed by former Easy Forex customer service rep, who said even ordinary bank payments were often delayed.

Cyprus-based Easy Forex, parent company of the Polish unit is still waiting for registration by the local SEC. Meanwhile, Polish Securities and Exchanges Commission says Easy Forex activities here are illegal, because like most other forex trading platforms the company doesn?t have an official license in Poland. The SEC says it has also received complaints from Easy Forex customers.

Insurance

Agropolisa turns to financial services

Former agricultural insurance firm Agropolisa will be turned into a financial broker, selling loans and offering training services, the company said in corporate document obtained by PARKIET. Agropolisa, which is controlled by Warta insurance group will be renamed as Warta Finance.

Transportation

LOT may join bidders for Hungary?s Malev, newspaper says

State-owned LOT airline may join Aviation Solution International, one of three groups in talks to buy Hungarian airline Malev, a local newspaper reported earlier this week. ?We are talking about the bid?, a source at LOT press office said, confirming the report. Sale of Malev will be delayed until September, Hungarian authorities said on news that LOT may join the bid.

Transportation

TUP starts real estate project

Trucking company Trans Universal Poland has announced plans to start a major real estate project after buying a 60 percent stake in failing women?s clothing company Modena. TUP, which sold its biggest operating unit to Raben Logistics recently, plans to develop Modena?s extensive real estate holdings in Poznań, the company said in a statement.

Outsourcing

Impel mulls acquisitions

Outsourcing and security company Impel SA may start a joint venture with an unnamed German partner, sources at the company told PARKIET this week. Impel, which has made a string of other acquisitions recently, including the 3.4 million zloty purchase of BDF security firm, says it may set up an industrial laundry with the German company later this year.

Wrocław-based firm also said it expects 2Q earnings of more than 4 million zloty, or at least 0.26 zloty a share.

Footwear

LZPS to postpone dividend payment

Army boots manufacturer LZPS Protektor says it would seek shareholder approval for a proposal to postpone this year?s dividend by several months after a delay of key contract with army procurement agency. LZPS said initially the dividend, totaling 3 zloty a share, would be paid on August 29. Only a few weeks later the company said that a three-year deal to supply 630 000 pairs of shoes to AMW has been canceled, although the agency still wants to buy Protektor?s products.

On the WSE shares of LZPS Protektor plunged 7 percent to close at 10.65 zloty, the lowest well over a year after the news was announced.

Chemicals

Orlen, Basell to open new plastic

components plant

Oil refinery PKN Orlen says it is on track to open its 500-million euro polyolefin factory, build at Orlen?s hometown in Płock together with the Netherlands-based Basell group. Plastics manufacturers say output from the new plant will help stabilize prices of their products.

Chemicals

Korona working on IPO prospectus

Candle manufacturer Korona is working on an IPO prospectus ahead of a 40 to 60 million zloty offering scheduled possibly for early 2006, sources at the company told PARKIET recently. Owned by two German firms, KoronaVerwaltung and TVV, Korona exports about 95 percent of its products to We