News Parkiet

Corporate governance

Supreme Court backs minority shareholders

of Mostostal Płock

Polish Supreme Court issued a ruling in favor of minority shareholders of Mostostal Płock construction group in a long running dispute over dividend payment. Minority investors went to court after Mostostal's controlling shareholder, its namesake from Warsaw voted against dividend payment. Publicly traded Mostostal Płock then used the money to buy commercial paper issued by the parent company.

New issues

GTC stock sale restricted to selected brokers

Retail investors interested in buying stock of Globe Trade Centre property developer will have to open accounts at ING Securities and CDM Pekao, the two brokers managing the sale because of Polish stock market regulations. Some potential investors are complaining about the restriction because of additional brokerage fees.

The IPO, this year's biggest so far starts next week.

Banking

Millennium posts 20.1 million zloty 1Q profit

Banco Comercial Portugues subsidiary Bank Millennium announced first quarter earnings of 20.1 million zloty on higher interest and commission income. The bank, one of Poland's top ten posted profits of 30 million zloty in the same period a year ago, but its earnings included 25 million zloty in profits from PZU insurance group.