News Parkiet

Home appliances

Enterprise Investors to buy

a stake in Zelmer

Enterprise Investors venture capital fund is the most likely buyer for a large minority stake in Zelmer home appliance maker that is being sold in a privatization IPO this week, sources told PARKIET recently. Zelmer?s IPO was at least ten times oversubscribed by retail investors despite last minute decision to nearly double the number of shares sold.

Personal finances

Poland may extend tax-breaks

to umbrella funds

Polish Finance Ministry is offering to revise the country?s laws, giving tax exemptions to investors who move their money within various umbrella funds. The government will look into proposed changes to personal income tax and mutual fund laws next month.

Building materials

Opoczno to go public in mid-2005

Private equity unit of Credit Suisse First Boston and US Enterprise Investors venture capital fund plan to sell their 99 percent stake in Opoczno ceramic tile maker in a two billion zloty ($640 million) Initial Public Offering scheduled tentatively for mid-2005, senior board member representing the shareholders said at a news conference yesterday. Opoczno, Poland?s no. 1 ceramic tile manufacturer by sales, reported fiscal 2004 earnings of 76 million zloty, some 70 percent higher than in 2003. Revenues were up 11 percent to just over 400 million zloty.

Metals

Śrubex poised for IPO

Śrubex SA, Central Europe?s no. 1 manufacturer of screws and metal fasteners said yesterday it plans to sell one million shares in an IPO scheduled sometime next month. The company, which reported net earnings of 13 million zloty on sales of PLN 150 million, sells most of its products outside Poland, mainly to Western Europe.

Based on IPO value of PLN 35 to 40 million, Śrubex will have market value of between 116 and 133 million zloty.