News Parkiet

Equity markets

SEC working on temporary IPO regulations

Polish Securities and Exchanges Commission is working on temporary regulations that would fill in the void after July 1 implementation of EU securities directive. Three new laws compatible with EU regulations that replace the existing Securities Law won't become public until sometime later this summer. Stockbrokers selling Initial Public Offerings after July 1 don't seem to be overly worried about the delay because they say IPO prospectuses already follow EU rules. Senior official at one brokerage house, CDM Pekao says his firm plans to ask the SEC to verify new filings whenever it is unsure if they meet new standards.

Real estate

Spanish firm to buy Mostostal Invest

Spain's Necso Inmobiliaria plans to buy privately held property developer Mostostal Invest from two Polish firms controlled by Necso's parent, Acciona group. One of the two, civil engineering group Mostostal Płock says it plans to share proceeds from the sale paying a special dividend to shareholders. Płock's chief executive Wiktor Guzek says his company is expecting to receive about 7,5 million zloty for its 18.6 percent stake in Mostostal Invest. The deal will be closed in two to three months, Guzek said. By one estimate, his company could pay a dividend of up to 3.75 zloty a share.