News Parkiet

Privatization

Sejm calls for restrictions on PKO BP sale

Polish lawmakers have approved government plans to sell 30 percent of PKO BP, the country's largest bank in a privatization IPO on the Warsaw Stock Exchange. However, the Sejm has made a non-binding request to Treasury Minister Jacek Socha to cancel plans to sell 35 percent of the offering to international investors. EU officials say the restriction would be illegal anyway.

Equity markets

Mol to list in Warsaw

Shares of PKN Orlen refinery plunged 3.25 percent to close at 32.7 zloty on Friday following a report that Hungary's MOL petrochemicals group has filed for IPO in Warsaw. At least 27 new firms are waiting the SEC approval to list their stock on the WSE. Regulatory approvals for MOL listing are expected within six to eight weeks.

Metals

Kęty announces 3Q earnings, ups forecast

Grupa Kęty SA, Poland's largest maker of aluminum packaging and building materials expects 2004 profits to rise 33 percent after preliminary third-quarter earnings that were 10 percent higher than last year. Kęty, part of WIG20 blue-chip index, estimates that profits will rise to 92 million zloty ($26 million) from PLN 69.1 million last year. It also announced plans to open a 31-million zloty facility near Kiev, Ukraine, next year. The new plant, making aluminum components used by building contractors, will generate annual sales of up to 80 million zloty, Kęty said in a statement.

Retailing

Żabka IPO in 2005?

Żabka convenience store chain is eyeing an initial public offering company spokesman said on Friday. 'Our shareholders will probably decided next week whether to go public', Konrad Napierała told PARKIET. Żabka, which is 44 percent owned by a unit of AIG, operates over 1300 outlets across Poland. Żabka's IPO may be worth approximately 150 million zloty, sources close to the situation said.

Food industry

Elstar Oils reiterates earnings, sales forecast

Publicly traded Canola oil maker Elstar Oils has completed this year's purchases of rapeseed from local farmers, securing the materials it needs for the next twelve months. Elbląg-based company reaffirmed higher earnings forecast of PLN 7.5 million published several weeks ago.

Rapeseed prices fell more than 10 percent despite very strong demand driven by government regulations on the use of Canola oil derivatives in gasoline.

Mutual funds

Post Office to start selling mutual funds

Poczta Polska, Poland's government owned postal service is talking with mutual fund firms looking for another channel to distribute their products, senior official said on Friday. 'Most TFIs (mutual fund companies registered in Poland) are interested in gaining access to our sales network', Mariusz Wnuk, the head of Poczta's market and financial services department said. Poczta could sell mutual funds through 5000 of its 8000 outlets nationwide, Wnuk said. It also has several hundred insurance agents.