Equity markets
SEC investigates Swarzędz price swings
Polish Securities and Exchanges Commission is looking at last Friday?s trading in Swarzędz, a mid-sized maker of brand-name furniture. Cash-strapped Swarzędz is in the middle of a secondary offering that would help restore its financial liquidity.
Some market watchers suggest that someone is deliberately keeping the stock price down in order to buy its assets on the cheap if it goes under.
Law
Parliament to vote
on VAT tax law changes
Four major parliamentary groups say they want the vote on revised VAT tax law to be held as soon as possible. According to one proposed tax code change, Polish companies would get a tax break for bad credits.
Information Technology
Anica System files for IPO
Anica System, a small software house from Lublin in southeastern Poland, has filed its IPO prospectus with Polish stock market regulator, the KPWiG. The company, which develops mobile sales support applications and software packages for factoring firms say Anica plans to sell 20 to 30 million zloty worth of stock. Two investment funds that took minority stakes in late 1990?s plan to sell their stock as part of the IPO, sources close to the situation told PARKIET yesterday.
Anica is in no hurry to go public, Chief Financial Officer Mariusz Lizon said, noting that several recent tech IPO?s are trading well below their offering price. He declined to provide last year?s earnings and sales figures. In 2003, the company reported profits of more than 2 million zloty on revenue of some 21 million zloty, or $6.8 million.
Equity markets
Mishap highlights ESPI vulnerability
Test message by Zakłady Chemiczne Police chemical plant that was published on one of international wire services yesterday highlights potential vulnerability of ESPI, Warsaw bourse?s official regulatory news system for publicly traded companies.
The SEC blames Bloomberg news agency for the situation. Sources at Bloomberg say Police?s announcement slipped through because it didn?t have ?test? header like other test messages.
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