News Parkiet

Capital markets

Multi-named CEO

Artur Rykowski, the former CEO of Capital Partners and a member of supervisory boards of a few IT companies, has been giving false name for over ten years, says the prosecutor. The authorities said the probe is over and an indictment against Artur B. soon will be filed in the court. Artur B. in the past used names Grigoris Ikonomeu, Robert Zezula and Mariusz Rykowski. Under a false name he was advising the Treasury on large-scale privatisation projects in the 90s.

Telecommunications

Government may sell TP shares through stock exchange

Yesterday the market was hit by a rumour that Telekomunkacja Polska?s 3.97 percent stock held by the government may be privatised through the stock exchange. Shares of the national fixed-line operator fell 1.8 percent and were traded at 16 zloty in Warsaw. The Ministry of the Treasury denied it has ended talks on the sell of the remaining TP?s shares with France Telecom, the majority investor in the company.

Commerce

Centrostal Gdańsk may sell shares purchased in buyback program

The management of Centrostal Gdańsk, a wholesaler of metal goods, plans to sell to financial investors a 10-percent stake of its own shares that it purchased in the buyback program. Gdańsk-based company needs an AGM approval, which should be granted in May. The company in December decided it would buy back up to 23 percent of its stock, but it dropped its plan. The reason for that is high valuation of the shares and a lack of money. - We see interest in our stock from financial investors - said Zbigniew Canowiecki, Centrostal?s CEO.

Food industry

Star Foods plans IPO

Star Foods, a snack food producer, plans to raise capital through an initial public offering in Warsaw. The company is likely to decide on it in May. The Mitzalis family is a majority shareholder, controlling 65 percent of the company?s stock. Star Food posted a net loss of 6 mln zloty for the last year as its revenue increased to 308 mln zloty from 307 mln zloty a year earlier. The company expects to improve financial results this year. In the first quarter it had a profit of 1 mln zloty.

European Union

No borders for alcohol

The European Commission, the executive body of the European Union, proposes to drop restrictions on the purchase and shipping of alcoholic beverages from low tax countries. The representatives of Polish breweries and other alcohol producers keep saying the new law would hurt their businesses since taxes in the neighbouring countries - Germany, Czech Republic and Slovakia - are significantly lower. They called the Ministry of Finance to lower taxes, but the governors stay firm on keeping the taxes at the current level.

Insurance

Regulator hasn?t contacted Eureko on PZU

UKNUiFE, the authority who oversee the insurance sector in Poland, hasn?t contacted Eureko, a Dutch financial company which owns 21-percent stake in PZU, on its application to increase the ownership level in the biggest Polish insurer to over 50 percent. UKNUiFE has been regulating the sector since January. It took the responsibility from the Ministry of Finance that Eureko placed its application with in 2002.

Macroeconomics

Poland needs to curb deficit, IMF says

It?s the final call for Poland to curb the budget deficit and the public debt, said Susan Schadler, the representative of the International Monetary Fund for Poland, at a press conference in Warsaw. She added IMF sees the Hausner plan (the spending-cut plan) as well focused approach to fiscal consolidation. IMF expects the GDP growth in Poland likely to reach 4.5 percent and 5 percent this year, with the current account deficit below 3 percent.