News Parkiet

Equity markets

No grace period for IPO?s, official says

Polish companies that plan to go public won?t be getting any extra time to prepare for WSE listing before new securities law that take effect on July 1st, deputy Finance Minister Andrzej Jacaszek said in an interview with PARKIET. New regulations, compatible with EU laws, will be sent for approval by the parliament later this week, Jacaszek said.

Metals

Kęty slides after CEO?s departure

Shares of Grupa Kęty aluminum and packaging manufacturer plunged as much as 4.5 percent yesterday on news that Jan Kryjak plans to step down as Chief Executive Officer. Mr. Kryjak, who was widely credited for much of Kęty?s successful restructuring and expansion that turned it into a 1.1 billion zloty company by market value, a six-fold increase since the IPO ten years ago, announced his resignation yesterday after the close.

Yesterday?s sell-off slashed Kęty?s market capitalization by an estimated 44.5 million zloty. The stock, part of WIG20 blue chip index, closed at 106 zloty, the lowest since in almost two years.

Retailing

W. Kruk still trying to regain investor

confidence

Shares of luxury goods retailer W. Kruk continue to trade well below analyst estimates as investors remain wary of a company that has repeatedly either cut or missed forecasts in the past. The company, which sells jewelry, watches and women?s clothing says it won?t have any problems meeting this year?s profit target of 5 million zloty.

Metals

Ferrum fails to sell all shares

Steel pipe manufacturer Ferrum SA said it has sold just 1.9 million out of the 5 million shares it offered to investors in a secondary stock offering that closed earlier this week. The company has raised 18 million zloty minus expenses, which totaled PLN 655.000.