News Parkiet

Equity markets

Union fights to participate in SEC hearings

Solidarity trade union at the Polish Academy of Sciences claims it has the right to participate in SEC hearings to clear new IPOs. Union activists have already tried and failed to join regulatory proceedings for Bank Austria, the first international company to list its shares on the Warsaw Stock Exchange

Home appliances

Shareholder fight looms at Zelmer

US venture capital fund Enterprise Investors may lose the fight to appoint its nominees for the board of directors at Zelmer home appliance market. Other financial institutions, including Polish pension funds, have registered enough shares to put together of 42.7 percent voting block, while EI controls just 36 percent of the votes at the March 15 special meeting. Its ability to select at least one director at Zelmer now hinges on the good will of the Polish government, which has 21.5 percent voting stake.

The board of Zelmer, a Rzeszów, south-eastern Poland-based maker of vacuum cleaners and other home appliances that was privatized through stock exchange IPO in February, has between five and twelve officers, some of whom are appointed by company workers.

Mining

Coal miners vote against privatization plan

An overwhelming majority of the Polish coal miners voted against government-backed privatization sale of several coal mine holdings in the southern part of the country. Some 97 percent of the 100.000 Silesian miners said 'no' to the planned sale of Katowicki Holding Węglowy, Kompania Węglowa and other mining groups. Union officials say 85 percent of those eligible took part in Thursday's referendum

Information technology

Matrix.pl may go public again

Matrix.pl software house may go public again in two to three years, chief executive and main shareholder Marek Kobiałka said. It became public several months ago, but decided against actually listing its shares after raising 60 million zloty by selling its Symfonia SME software development unit. Matrix says it will use proceeds from asset sale to buy other IT firms.

Warsaw-based company has raised its fiscal 2004/2005 forecast from 5.6 to 6.5 million zloty. Matrix said it expects sales of at least 105.3 million zloty.

Privatization funds

Foksal announces new buyback plan

NFI Foksal privatization fund says it will return almost 150 million zloty to shareholders after announcing massive stock buyback scheme. Foksal, one of fifteen original privatization funds listed on the WSE in late 1990's, has already made a bid for 25 percent of outstanding shares. It offers 27.8 zloty a share, almost three times Wednesday's closing price of 10.85 zloty.

WSE has suspended trading in NFI Foksal for two days when the bid was announced.

Retail investors who sell their stock back to the fund will receive just 22.5 zloty because Foksal automatically collects 19 percent capital gains tax on the amount paid.

Retailing

Alma Market to open new outlets in Focus shopping malls

Kraków-based grocery retailer Alma Market plans to at least double the number of retail outlets opening at least seven new stores within the next two to three years. Publicly traded firm became a strategic partner of Parkridge Holdings and has agreed to lease part of future Focus shopping malls build by UK property developer in Rybnik and Białystok.