News Parkiet

Equity markets

PHF group employees sell shares

in curb trading

Ex-workers and existing staff of three drug-makers that are part of state owned Polski Holding Farmaceutyczny begun selling employee stock in curb trading recently despite warnings they could earn much more if they wait until PHF goes public. Some retired employees of Pabianice, Tarchomin and Warszawa Polfa plants received several thousand shares. The buyers, who typically include small-time speculators and former black market currency traders, don?t seem too worried about the risk of getting fined by the SEC. Street posts around the three plants are littered with ads offering to buy Polfa shares. Even though PHF won?t be going public at least until next year, the bids have been climbing steadily, from 2 to 25 zloty a share in the case of Polfa Pabianice.

Currency markets

Euro plunges to eight-month low

The euro fell to an eight-month low yesterday against US dollar after a media report that German Finance Minister and top Bundesbank official talked about a possible failure of the European monetary union recently. The news came just days after the French ?no? vote in a referendum on the European constitution and an economic report about lower economic growth forecasts by the ECB.

Building materials

Lena gains on IPO

Shares of lighting fixtures manufacturer Lena Lighting begun trading at 7.85 zloty yesterday, up 10 percent from their IPO price of PLN 7.1, surprising even company officials who expected the stock to open lower after weak demand from retail investors. Lena Lighting sold less than a third of the 1.55 million shares offered to individual investors in an offering completed last month. The company nonetheless managed to raise about 8.9 million zloty selling new shares to institutional investors.

Building materials

Lentex plans new acquisitions

Flooring materials maker Lentex SA says its annual sales could double after the company closes several planned acquisitions. Chief executive Tomasz Towpik estimates that two of this year?s acquisitions will cost the company as much as 45 million euros. He plans to raise money for takeovers from new stock sale and bank loans.

Lubliniec-based company reported sales of 212 million zloty last year, including revenues of Tkaniny Techniczne, a major subsidiary. The figure could more than double to between 500 and 600 million zloty if Lentex goes through with its plans to buy competing firms.