News Parkiet

New media

Interia.pl drops DM BZ WBK before offering

Poland's third most popular Internet directory, Cracow-based Interia.pl switched investment firms that are to sell its 11-million zloty offering, dropping market heavyweight, Dom Maklerski BZ WBK in favor of tiny Polonia Net, a boutique investment firm. Sources close to the situation say DM BZ WBK wrote an investment report that set Interia's target price below the offering price.

Polonia Net, which has just two branches nationally, works for Interia's main shareholder Comarch SA and its founder, professor Janusz Filipiak.

Personal savings

Luxembourg funds may be tax-exempt

in Poland, experts say

Luxembourg-registered umbrella funds sold in Poland may be exempt from capital gains taxes here, some legal experts said citing regulations on the avoidance of double taxation.

Merrill Lynch, which begun selling mutual funds here claims its investment products are exempt from 19 percent tax, but recommends investors talk to their tax consultant before they buy. Local money managers worry they may be less competitive because of taxes levied on their umbrella funds.

Building materials

Opoczno buys Lithuanian ceramic tile-maker

Poland's no. 1 ceramic tile manufacturer Opoczno SA paid 3.3 million euros for a majority stake in its Lithuanian counterpart Dvarcioniu Keramika. Opoczno, which plans to list its shares on the WSE within months, said it has purchased 60 percent of Vilnius-based firm from Juozas Raiselis, chief executive of Dvarcioniu Keramika. According to local media, the Lithuanian firm, which controls a quarter of the market there, lost 0.8 million litas (200.000 euros) in fiscal 2004. Sales totaled 12.5 million euros.

Mutual funds

Polish transfer agents gain outsourcing jobs

Hong-Kong based mutual funds have contracted Citigroup Globalne Usługi Transakcyjne, a Polish transfer agent, to process their orders, saving money in the process.

Citigroup unit and other transfer agents say they are talking with other potential customers from Ireland and elsewhere. Typical transfer agent fees in Poland are less than half the going rate in Western Europe.