News Parkiet

Privatization

Jakubas makes a bid for state mint

Polish businessman Zbigniew Jakubas has offered to buy 42 percent stake in Polish state mint, Mennica Państwowa. His investment company, Warsaw-based Multico already has 25 percent of Mennica, which has a market value of 270 million zloty ($69 million). Because of Polish stock market regulations Jakubas won't have to buy out minority shareholders if the government takes up his offer.

In addition to coin-making business, Mennica owns a money-losing property development company called Mennica Invest. It also sells electronic public transit tickets in Warsaw. Sources familiar with the situation say Mennica may sell its downtown plant and move production to a cheaper location in Ożarów Mazowiecki near the Polish capital.

Public finances

Poland cuts gas taxes

Polish government has agreed to cut excise taxes on gasoline by 0.05 zloty per liter on Wednesday to counter rising oil prices on the world markets. Also on Wednesday, PKN Orlen national oil company has received government approval to release some of its strategic oil reserves.

Power industry

Socha meets SLD deputies to discuss regional power plant

New Privatization Minister Jacek Socha met with a group of SLD deputies from Wielkopolska region to discuss the future of Zespół Energetyczny PAK power plant. The group wants the government to bail out failing power plant, one of Poland's largest by helping find an investor for the company. Eighteen SLD deputies from the lower house of parliament warned they may withdraw their support for the government in a key no-confidence vote scheduled Friday evening unless the government moves in to save PAK.

Chemicals

Kemira expands into Poland

Finnish chemicals group Kemira has announced the acquisition through Polish subsidiary Kemipol of the water treatment chemicals operation of Wrocław-based Złotniki. The deal includes assets used in the production of potable and waste water treatment substances. Financial terms of the transaction were not disclosed.

Pharmaceuticals

Teva eyes acquisitions in Poland

World's third largest generic drug-maker, Israeli Teva Pharmaceutical Industries is reportedly looking for possible acquisition targets in Poland, industry sources told PARKIET. Teva has already made a bid for the 30 percent stake in publicly traded Jelfa, a mid-sized Polish drug company that is partly owned by the government. Teva representatives refused to comment on market speculations.

Construction

Mostostal Zabrze files for bankruptcy

Mostostal Zabrze, once a leading construction and engineering group from southern Poland has filed for bankruptcy on Wednesday after it failed to negotiate postponement and partial forgiveness of outstanding debts. The firm, part of WIG20 blue-chip index in late 1990's, says it may still survive if the creditors agree to a debt for stock swap. Shares of Mostostal fell just 1.5 percent to close at 1.28 zloty despite the news, reflecting investor hopes the company will negotiate a better deal with banks and contractors.

Privatization

Jupiter Q1 loss narrows

NFI Jupiter privatization fund has reported a net loss of 4.8 million zloty in the first quarter of this year, down from last year's PLN 12.4 million. The fund, one of fourteen closed-end privatization funds trading on the Warsaw bourse said its net assets fell to PLN 219 million, or 4.2 zloty per share. Its largest investment, Pro Futuro wireless data carrier posted a loss of 2.2 million zloty on sales of 12.6 million. Another flagship company, Ceramika Nowa Gala, maker of ceramic tiles, had net earnings of 2 million zloty. Its Q1 revenue totaled 17.8 million zloty. Ceramika has already filed for IPO on the Warsaw Stock Exchange

Petrochemicals

Poland may list Naftobazy oil terminalsPolish government agency Nafta Polska may try to sell controlling stake in Naftobazy, the country's largest operator of oil storage terminals on the stock market unless it finds a buyer for the company. Nafta has been negotiating sale of Naftobazy with Rotterdam, the Netherlands-based Vopak, but says it is still waiting for satisfactory bids for this asset.