News Parkiet

Petrochemicals

POGC and Grupa Lotos ready for IPO

State-owned natural gas company POGC and Grupa Lotos refinery have both cleared final obstacles before their IPOs, planned for June this year, company sources told PARKIET this week. POGC, whose full name is Polish Oil and Gas Company says it has ended a management dispute that threatened WSE listing. It has also secured bondholder approval for an early buyback of its eurobond issue, to be refinanced with cheaper debt issued at more favorable terms.

Alcoholic beverages

SEC ok's Polmos Białystok

for WSE listing

Polish Securities and Exchanges Commission has cleared planned privatization sale of Polmos Białystok vodka-maker yesterday, paving the way for an IPO tentatively scheduled for May this year. The government said it would sell between 42 and 93 percent stake in Polmos. Market watchers say the company may be worth between 700 million and 1 billion zloty, or up to 320 million dollars.

Automotive industry

Auto parts distributors

to pay dividends

Two publicly traded car parts distributors say they will pay their first ever dividends this year. Inter Cars, Poland's biggest independent auto parts wholesaler, says it plans to pay 2 million zloty out of last year's earnings of some 20 million zloty. Smaller JC Auto, which also became a public company last year, won't say how much money it plans to pay shareholders.

Politics

Opposition slams NDP plans

Opposition at the Polish parliament criticized government spending plans dubbed 'National Development Plan' by the outgoing Minister of the Economy Jerzy Hausner. Mr. Hausner, who will leave on March 31, said Poland will spend as much as 142 billion euros on infrastructure over a five-year period starting in 2007.

Politicians from Civic Platform and the Law and Order group said NDP represents 'wishful thinking' that encourages excessive hopes among voters.