News Parkiet

Petrochemicals

Grupa Lotos sets IPO price at 29 zloty

Poland?s second largest oil refinery Grupa Lotos has announced it will sell stock to the public at 29 zloty a share, setting its IPO price near the low end of the preliminary pricing range. Lotos said earlier it would sell 35 million new shares at between 26 and 35.5 zloty each. Based on that price, Lotos will raise approximately 1.02 billion zloty ($306 million) to finance ths build-out of its main refinery in Gdańsk and other projects.

Also yesterday, government privatization agency Nafta Polska said has decided against selling 8.9 million shares as part of the IPO because the price was too low. Sources close to the situation said domestic institutional investors seeking to buy Lotos ended up getting more shares than expected because of lower demand for the stock.

Mining equipment

Kopex talking about new contract in Turkey

Katowice-based Kopex is negotiating a new deal to sell mining equipment to a mine in Turkey, sources close to the situation told PARKIET recently. The company, which doubles as arms supplier to various third-world countries is also bidding for ?tens of millions of dollars? worth of arms contracts, sources said.

On the domestic market Kopex is planning a ten-fold increase of electrical energy sales from last year?s PLN 5.9 million.