Shares of two publicly traded companies, Rafako power plant builder and Elektrim power and telecoms group fell this week on fears of forced liquidation of Elektrim-Megadex, a major power industry contractor. Rafako, which has millions of zlotys in performance bonds and unpaid debts owed by Elektrim-Megadex, lost 22.6 percent to close at 11.25 zloty on Friday. Elektrim, which owns 99 percent of Megadex, shed more than 8 percent.
Chances are that Elektrim will save the company by giving it additional assets or guarantees, Megadex CEO Tomasz Holc says. Warsaw-based company run into trouble because of the six-year dispute with Polish tax authorities over a 54-million zloty VAT tax refund.
Financial services
Societe Generale to expand leasing portfolio in Poland
SG Equipment Leasing Polska, a leasing unit of France?s Societe Generale financial group, seeks to expand its leasing portfolio by as much as 40 percent to PLN 650 million this year, chief executive Lech Zeyer said on Friday. By next year SG Equipment Leasing Polska, which has just changed its name from Franfinance Polska, hopes to lease 800 million zloty worth of trucks and industrial equipment. Sales are set to rise 43 percent to PLN 81 million, Zeyer said. SG Equipment Leasing Polska is expecting profits of at least 15.6 million zloty. SG unit has 5.7 percent of the Polish market, excluding real estate.
