News Parkiet

Crime

BRE?s rogue trader lost 18 million zloty

A senior bonds trader at BRE Bank has cost the company more than 18 million zloty last year as a result of failed investment strategy. The head of BRE?s bonds trading unit managed to cover up his mistake for months through false bookkeeping. He turned himself in after he closed money-losing position in March 2004 rather than getting caught by BRE?s controlling department.

Real estate

Polish Railways may spin off real estate

unit

Polish Railways (PKP) is planning a special internal unit that would try to encourage real estate companies to develop commercial projects at some of PKP?s numerous sites across the country. In the future PKP may decide to set up a separate company, spinning off some of its real estate assets.

Packaging

Ząbkowice ERG hits rock-bottom

Shares of plastic film and Scotch tape manufacturer Ząbkowice ERG fell as much as 17 percent this week as former employees sold stock of Dąbrowa Górnicza, Silesia-based company. The stock closed at 5.1 zloty on Friday, some 27 percent below Ząbkowice?s IPO price of 7 zloty. A small company with less than 35 million zloty in annual revenues, Ząbkowice said according to preliminary figures, its 1Q sales were up by more than 30 percent.

Chemicals

SigmaKalon to buy out Polifarb

The Netherlands-registered SigmaKalon BV has announced on Friday it is taking private its Polish unit, Polifarb Cieszyn-Wrocław, the country?s no. 1 paint manufacturer. SigmaKalon, which has 67 percent of the Polish firm, said it would offer 7.25 zloty a share, a 32 percent premium over Polifarb?s most recent closing price. It will pay a total of 108 million zloty for a third of the company now held by minority shareholders. Trading in Polifarb was suspended on Friday because of the bid.