News Parkiet

Banking

Polish banks may be overvalued, analysts say

Major Polish banking stocks may be getting too expensive after the recently rally, several equity analysts warned recently. Boosted by prospects of a mega-merger between Pekao and Bank BPH, a by-product of Unicredito Italiano?s acquisition of BPH?s parent company, Germany?s HVB group, Polish banking index rose as much as 9.8 percent since the merger announcement last month. Analysts who follow banking stocks say that investors are putting too much faith that Pekao-BPH tie-up will produce other mergers between the country?s top banks. Others say banks still represent good value for investors because of the industry?s average 4 percent dividend yield, higher earnings and lending driven by declining interest rates.

Privatization

Belvedere alleges irregularities during Polmos sale

French alcohol manufacturer Belvedere is alleging that a senior Treasury Ministry official broke the law during two-month long privatization of Polmos Białystok vodka distillery. Belvedere?s competitor, US-based Central European Distribution Corporation outbid the French by offering a generous employee benefits package to Polmos employees.

E-commerce

Travelplanet IPO several times oversubscribed

Last month?s initial public offering by online travel agency Travelplanet.pl was three times oversubscribed, the company said in a statement to the WSE yesterday. Wrocław-based Travelplanet.pl sold 370 000 shares at 18 zloty each. It said investors signed up for over a million shares.

Travelplanet.pl will start trading on the WSE this Friday.

Privatization funds

Changes seen at two NFI funds

Shareholders of two NFI privatization funds have called for special meetings that would replace some of the directors at NFI Piast and NFI Octava. Private equity investment group BB Investment, which has a 10 percent stake in Piast says it also wants to present an alternative strategy for the fund, a shell-company that distributed most of its assets to shareholders last year.

At NFI Octava, a privatization fund turned into property developer, controlling shareholders made a preemptive strike, calling a special meeting before a similar motion was filed by Central European Holdings Ltd., a minority shareholder, sources say.

Real estate

Another REIT to list in Warsaw

Bank BPH?s mutual fund company sold 330 million zloty ($99 million) worth of certificates in a new Real Estate Investment Trust that plans to list on the Warsaw bourse later this year, the fund said in a report yesterday. BPH sought to raise up to 388 million zloty to finance commercial and office real estate investments. Retail investors bought 60 percent of BPH?s offering, sources said, with the balance split between institutional investors (18%) and Bank BPH along with the European Bank for the Reconstruction and Development.

Telecommunications

Netia to receive 3G license next month

Poland?s no. 2 local phone company, Warsaw-based Netia SA will receive the country?s fourth 3G license sometime next month, the head of telecommunications watchdog said yesterday. Netia?s application for the 345-million zloty license has already been cleared by ABW security service, URTiP head Witold Graboś said. Netia plans to launch its 3G network together with Novator Telecom Poland, an investment fund with ties to Icelandic businessman Thor Bjorgolfsson.

Steel industry

PZU Życie accumulates 5 pct. stake in Ropczyce

Life insurer PZU Życie said yesterday it owns 234 200 shares of Ropczyce, a publicly traded maker of magnesite materials used by the steel industry. The stake represents 5.09 percent of thinly traded company?s outstanding equity.

Banking

German bausparkassen prowling for Polish customers

Potsdam-based building society LBS Ost plans to start selling its services to Poles

Information Technology

MacroSoft to sell new shares in a private placement

Software house MacroSoft plans to sell as many as 100 000 new shares for the CEO of a subsidiary from southern Poland. MacroSoft says new shares representing about 5.3 percent of outstanding stock will serve as a ?reward? for the chief executive of Efbud software house.