News Parkiet

Publishing

WSiP shareholders try to replace

the board again

Shareholders of Wydawnictwa Szkolne i Pedagogiczne textbook publisher will try once again to replace the company?s board after a previous attempt that failed because of lack of quorum. Widely held WSiP, which went public last November in a privatization IPO has several special provisions that prevent board changes unless more than half of all shareholders show up for the meeting. Less than a third of WSiP investors registered for its May 9 meeting, called at the request of several financial institutions together with Polish businessman Zbigniew Jakubas despite company-sponsored newspaper ads to rally retail investors. Now Mr. Jakubas along with AIG and Pioneer Pekao funds say they?ll vote again to pick new board members using a Corporate Code provision that allows separate groups of shareholders to select one board member each. Several lawyers interviewed by PARKIET say the vote will be effective, WSiP articles of association notwithstanding.

New WSiP shareholders may also decide to push for an extra dividend from the company?s massive cash hoard.

Personal finances

mBank to launch stock brokerage services

Poland?s biggest and most popular online bank, BRE Bank?s mBank plans to launch a new stock brokerage service in mid-June, company official told PARKIET this week. mBank already sells mutual funds through its website, attracting almost 100 000 clients in three and half years. Almost 900 000 people use mBank?s regular banking services.

Food industry

Ambra IPO priced at 9 - 13 zloty

Upcoming Initial Public Offering of Poland?s biggest wine wholesaler Ambra SA has been priced at 9 to 13 zloty a share for a total IPO value of up to 164 million zloty. Ambra, a unit of Germany?s Sektkellerei Schloss Wachenheim says it plans to sell 6.3 million new shares to finance expansion across Central Europe and acquisitions of wine-related trademarks. Its main shareholder SSW will offer a similar number of shares, reducing its post-IPO stake in the company to 50.01 percent.

Ambra said earlier it may spend as much as 130 million zloty on acquisitions and other investments over the next two years. The company, which has 28 percent market share in Poland, expects earnings of some 15 million zloty or about 0.6 zloty a share after the IPO in fiscal 2004/2005 ending in June. Sales are expected to rise to as much as 365 million zloty.

Building materials

Opoczno postpones IPO

Poland?s no. 1 ceramic tile maker Opoczno SA announced unexpectedly Wednesday night it is postponing an IPO on the Warsaw Stock Exchange until sometime in June without providing any details. Opoczno, which is controlled by a joint venture owned by Credit Suisse First Boston and by Enterprise Investors private equity fund said it has decided to pull its IPO just hours before it was supposed to begin accepting orders from retail investors because of Corpus Christi long weekend and because of competing offering by Grupa Lotos refinery.

Opoczno won?t be raising new equity. Instead, Opoczno?s main shareholder, plans to unload as many of the 99.7 percent shares as possible in the IPO.

?Opoczno generates so much cash there?s no need for a new stock issue so the delay won?t affect our operations?, chairman of the board Zbigniew Prokopowicz said on Wednesday.

Separately Opoczno said it has taken operational control over Lithuania?s Dvarcioniu Keramika, replacing most senior managers and board members. Opoczno, which purchased 60.3 percent of Keramika earlier this year, said there were no takers in its 1.93 litas bid for all outstanding shares of the Lithuanian company it offered to minority shareholders. Keramika trades on the Vilnus bourse at 3 litas a share.

Information Technology

Wind Telecom to boost export salesContact center and mobile applications software house Wind Telecom says it plans to boost export sales from zero to about 20 percent of its revenues by next year. Bielsko-Biała, southern Poland-based company reported sales of just 14 million zloty last year. Founded seven years ago, Wind Telecom may list its shares on the Warsaw bourse in 2007. Its shareholders include Renaissance group venture capital fund and Intel Capital, which has a 10 percent stake.