News Parkiet

Information Technology

Prokom doesn?t comply with board of

directors' regulations

Poland's biggest information technology group, Prokom Software SA, still hasn't complied with new regulations that require publicly traded companies to have at least five, non-executive directors on its board. Founder and chief executive Ryszard Krauze, who owns 23.6 percent of Prokom after selling shares worth 31 million zloty earlier this week, retains tight grip over Gdynia-based company because Prokom's corporate articles give him the right to appoint two out of four board members, including the chairman.

Petrochemicals

PKN announces mid-term growth strategy

PKN Orlen, Poland's national oil company and the country's no. 1 refiner said it expects earnings before interest, taxes, amortization and depreciation of at least 6 billion zloty ($1.92 billion) by 2009 as it published a new mid-term strategy yesterday. Płock-based firm says it will try to stop the decline of its domestic retail business, where it has been losing market share for several years now.

Information Technology

Qumak-Sekom may list on WSE

Qumak-Sekom IT services group may list its shares on the Warsaw Stock Exchange later this year to raise money for acquisitions, chief executive Jan Goliński told PARKIET on Thursday. Warsaw-based firm, which is controlled by NFI Magna Polonia privatization fund, says it needs PLN 30 million to buy smaller IT companies.

Financial services

GE Money Bank boosts lending and market share

GE Money Bank, a consumer finance and mortgage bank controlled by General Electric said yesterday it expects earnings of more than 300 million zloty this year after increasing its market share to as much as 11.2 percent. The bank reported fiscal 2004 pro forma earnings of PLN 344 million. GE Money Bank also said it has sold 5.6 billion zloty, or $1.8 billion in new loans.