News Parkiet

Telecommunications

Telekomunikacja Polska hits three-year high

Shares of Telekomunikacja Polska, Central Europe?s biggest local phone company rose 2 percent to close at 18 zloty, the highest since June 2001 on Monday after an upgrade by DB Securities, a local unit of Deutsche Bank. More than 134 million zloty worth of TP shares changed hands, more than any other Polish stock yesterday. The stock rose 29.5 percent since the low in mid-August, outperforming WIG20 by 16 percent.

Privatization

Eureko settlement possible within days

Poland could sign a final settlement with Eureko insurance group over the sale of Powszechny Zakład Ubezpieczeniowy, the country?s no. 1 insurer as early as this week, sources close to the situation said yesterday. Under the terms of Eureko settlement, government stake in PZU will be reduced from 55 to between 20 and 30 percent. Polish authorities will have the right of first refusal if the Dutch company or the European Bank for Reconstruction and Development decide to sell their stakes.

Investing

First private equity fund eliminates front-end load

Copernicus Investment, Poland?s first private equity fund, has decided to eliminate initial sales commission in a last-ditch attempt to raise at least 150 million zloty for new investments. Managed by Copernicus Capital TFI, the fund said it hoped to sell up to 500 million zloty worth of investment certificates to OFE pension funds and other institutional players. Copernicus has until today to convince money managers to invest in its closed-end fund.

Chemicals

Dwory IPO successful, sources say

Privatization funds and other shareholders of Firma Chemiczna Dwory synthetic rubber manufacturer have found enough buyers for 9.75 million shares, or 76 percent of the company sold in an Initial Public Offering that ends later this week, sources close to the company told

PARKIET on Monday.