News Parkiet

Equity markets

WIG sets new all-time high

Warszawski Indeks Giełdowy, Warsaw bourse's all-share index, rose 0.5 percent to a record high of 25 312 points on Friday, besting its previous record from April 2004. Five out of the fourteen stockbrokers polled by PARKIET expect WIG20 blue-chip index to follow the broad-market indicator. Most analysts attribute last week's rally to foreign investors buying Polish stocks because of the country's economic prospects.

Equity markets

Brussels backs online voting

European Commission has announced plans to allow electronic voting at company meetings to facilitate cross-border investments. Internal market commissioner Frits Bolkestein says the new legislation would end 'share-blocking' requirements that prohibit trading ahead of shareholder meetings and discourage some investors.

Petrochemicals

Glimar needs PLN 300 million for upgrades

Rafineria Glimar, a small regional refinery from southern Poland, needs well over 300 million zloty ($84 million) to complete a key expansion project. Gorlice-based refinery, which is owned by Nafta Polska privatization agency, has virtually no chance of raising that kind of money and may be forced to declare bankruptcy soon. Rafineria Glimar said earlier the project would only cost an extra 30 million zloty to finish.

Publishing

WSiP seeks to buy Hungarian textbook publisher

State-owned Wydawcnictwa Szkolne i Pedagogiczne, Poland's biggest textbook publisher, has made a bid to buy 70 percent of its Hungarian counterpart, Nemzeti Tankonyvkiado Rd. (NTK) for an undisclosed amount. The company, which is planning an IPO on the Warsaw bourse, was shortlisted along with four others by the Hungarian privatization agency handling the sale of NTK. Due diligence of the Hungarian company will start 'within days', WSiP chief executive Jan Rurański said.