News Parkiet

Investment funds

VAT tax change could stall growth

of securitization funds

The fate of Polish securitization funds hangs in the balance as Polish parliament gets ready to vote on an amendment to VAT tax law that would extend the tax to companies buying and selling receivables of other firms and individuals.Thus far Securities and Exchanges Commissions has received three applications by securitization funds planning to sell new instruments to the public. Each says the amendment would make their product too expensive.

Chemicals

Police files for IPO

Zakłady Chemiczne Police chemicals plant has filed for IPO with the Polish Securities and Exchanges Commission on Friday. State-owned company said earlier it would seek up to 250 million zloty from an offering scheduled later this year to pay for upgrades and expansion.

Privatization funds

NFI Jupiter cancels shares

NFI Jupiter privatization fund has canceled half of outstanding shares it bought in a series of public bids recently. The fund distributed over 210 million zloty to its shareholders buying back 26 million shares.

Privatization funds

Foksal trading flat

Shares of NFI Foksal are dead money until investors decide on new strategy and investment policy of the publicly traded privatization fund. Foksal plunged over 50 percent after it spent most of its cash buying back stock from shareholders at a premium to market price. It now has about 80 million zloty left, half of it squirreled away in a term deposit at Bank Zachodni WBK.

TMT

Multimedia merging with TeleNet

Cable company Multimedia and local phone services provider TeleNet will be folded into one before an IPO on the Warsaw bourse, planned for next year.

Combined sales of the two firms will rise to 350 million zloty, Wojciech Kamieniecki, who doubles as Multimedia?s and TeleNet deputy CEO and general manager said.