News Parkiet

Pensions funds

Big comeback at ZUS

State-owned Zakład Ubezpieczeń Społecznych, instead of private institutions will manage future pension payments by OFE pension funds, government officials said yesterday. The solution will be cheaper for future retirees than

Chemicals

PKN Orlen chief executive to resign

Zbigniew Wróbel, chief executive of Poland?s largest refinery PKN Orlen has agreed to leave the company yesterday under pressure from prime minister Marek Belka. Representative of Treasury Minister Jacek Socha has asked other shareholders at an annual meeting that ended on Monday to examine the work of PKN?s chief executive and other senior managers. Separately, Polish parliament is expected to appoint a special committee to investigate the circumstances surrounding the dismissal of PKN?s previous CEO Andrzej Modrzejewski, who was detained by the police two years ago.

Chemicals

PKN Orlen may buy Tarnów fertilizer plant

Polish oil refinery PKN Orlen has received official approval of Nafta Polska privatization agency to buy a stake in Zakłady Azotowe Tarnów (ZAT) fertilizer plant through one of its subsidiaries, ZAT Chief Executive Ryszard Ścigała told PARKIET in an interview. Orlen already owns a controlling stake in Anwil SA, another key producer of agricultural fertilizers. ZAT, which sought protection from creditors in June 2002, still suffers from liquidity crunch and lacks the money for new investments, Ścigała said. His company shed about 1800 workers, shut down unprofitable production lines and sold off several non-core subsidiaries.

Zakałady Azotowe Tarnów expects this year?s sales to approach 1 billion zloty ($260 million) mark thanks to exports to the EU. ZAT posted earnings before taxes of more than 50 million zloty between January and May of this year.

Venture capital

Capital Partners to move from OTC to WSE

Capital Partners investment group has announced plans to transfer from CeTO, Poland?s over-the-counter market to the Warsaw Stock Exchange in an attempt to improve trading liquidity and raise new funds. Thinly traded firm now has market capitalization of just 6.9 million zloty. Capital Partners makes money by offering IPO advice to other companies going public on the WSE.