Fertilizer maker Anwil said its shareholders, including PKN Orlen refinery, which has a 76 percent stake, have agreed to cancel 10 percent of outstanding stock bought back from employees and other minority shareholders. Privately held company paid approximately 20 million zloty for 1.4 million shares, chief executive Benedykt Michewicz told PARKIET recently.
Sources close to the situation say Orlen, which bought a stake in Anwil five years ago, may increase its stake buying 5 percent of outstanding shares still held by the government.
Separately, Anwil said its first quarter earnings were up about 8 percent to PLN 55 million, or 16.7 million dollars. Revenues were down slightly because of lower prices for polyvinyl chloride, a key product sold by Anwil. First-quarter sales totaled PLN 387 million versus PLN 400 million a year ago.
Building materials
Lena IPO on track, company says
Lighting fixtures manufacturer Lena Lighting says it still plans to go ahead with its IPO despite worse than expected demands from retail investors. Late Thursday night Lena said it has sold just 440 000 of the 1.55 million shares initially allocated to retail investors. "I believe that demand from retail investors is lower because of Lotos (refinery) IPO. Everyone expects Lotos to be oversubscribed and that's why individual investors are putting away all their spare cash to sign up for as many shares as possible', chief executive Maciej Rychlewski said. Lena expects institutional investors to pick up the slack. CDM Pekao, the stockbroker handling Lena's offering says initial demand from institutions was three times the number of shares offered.
