News Parkiet

Public assistance

Impel falls after cut in public subsidies

Shares of Impel outsourcing group plunged as much as 17 percent yesterday on news the company may lose most of its public subsidies for hiring lightly disabled workers. Impel, which has about 20.000 security guards, cooks and cleaning staff, 8000 of them disabled, said new rules have forced the company to cancel its previous earnings forecast. Under existing rules, Impel and other similar firms receive a fixed compensation for each disabled worker on their payroll. After May 1st EU entry, Impel only receives reimbursement for actual expenses, halving its 80-million zloty annual subsidy.

Chemicals

Unimil owner for sale

Polish condom-maker Unimil SA may buy its parent company, Germany?s Condomi AG, a publicly traded firm listed in Frankfurt. Kraków-based Unimil already has market capitalization of some 45 million zloty versus market value of just 35 million zloty of the cash-strapped Condomi. ?I?m not confirming or denying anything?, chief executive Grzegorz Winogradski says commenting on these speculations. Officials at Condomi, which has 80 percent of the Polish company say they are looking for a buyer, but refuse to provide any details.

Insurance

Cigna may list on the WSE

Shares of Cigna STU property insurer may be listed on the WSE two years from now, after the company doubles its premiums to 500 million zloty ($137 million). ?For this year we are expecting premiums of 280 to 300 million zloty, with net earnings at PLN 5.6 million?, chief executive Jan Bogutyn says. Cigna, which is controlled by Polish businessman Aleksander Guzowaty and his family, gave up on plans to buy other small insurers on the market because of the price.

Privatization

WSiP bids postponed by a week

Polish Treasury Ministry extended its deadline for bidders vying for WSiP until July 19, giving Agora and a financial consortium of CA IB Pre-IPO Investment and Advent International a few more days to examine finances of the country?s largest textbook publisher. The government, which plans to sell up to 60 percent of WSiP to one of the bidders and then sell the rest on the WSE, wants to retain its influence over key decisions at the company.