News Parkiet

Equity markets

How much is WSE worth?

According to an analysis conducted by PARKIET, the company which operates Warsaw Stock Exchange may be worth 500 up to 560 million zloty. We estimated the value on the basis of WSE?s financial results in comparison to the listed European bourses operators and their market value. WSE hasn?t yet posted financial results for the last year, but is forecasted to announce 95 mln zloty in revenue and 17 mln zloty in net profit. According to the strategy devised by the Ministry of Finance, the WSE operator is expected to be listed next year. In our opinion it should be privatised as soon as possible, since European bourses? shares are surging, increasing the WSE?s value.

Privatisation

More IPOs soon

In the first quarter the revenue from privatisation amounted to 1.02 bln zloty what equals to 11.5 percent of the revenue planned for 2003. So far this year, the Ministry of the Treasury has been selling the minority stakes in the companies to foreign investors, but it promises it will focus on larger-scale projects. It wants to cooperate with KPWiG, the Polish Securities and Exchanges Commission, on privitising more companies through the WSE. WSiP, state-owned educational book publisher, is expected to go public as early as this quarter.

Pharmaceuticals

Recordati offers 287 zloty per Polfa?s share

Recordati, an Italian drug maker, made a public bid for 49.99 percent of Polfa Kutno?s stock. The Italian company offered 287 zloty per share. It want to complete the transaction this month. However, Recordati still needs the SEC?s approval to own more than 33 percent of the Polish drug maker?s equity. Opinions of Polish financial investors, who control over 60 percent of Polfa?s stock, on the Recordati?s offer are split. Some of them estimate the share?s value at over 300 zloty.

Petrochemicals

PKN Orlen shareholders appointed

new supervisory board chairman

PKN Orlen?s shareholders appointed Jan Waga the new chairman of supervisory board at Poland?s biggest oil company. He will replace Maciej Gierej who was dismissed on Thursday. The shareholders also decided to dismiss three other members of the supervisory board, representing PZU, Warta and the Polish government. The shareholders didn?t vote on the amendments to the company?s articles of association which would increase the risk of a hostile takeover.