News Parkiet

Equity market

Omhex could make a bid for the WSE

Omhex Nordic stock exchange alliance has outbid a consortium formed by Euronext and the Warsaw Stock Exchange for the controlling stake in Lithuania's National Stock Exchange. Helsinki-led Omhex said it has agreed to pay an undisclosed amount for 51 percent stake in the NSE, adding to the 34 percent it already owns.

Omhex official responsible for the Lithuanian transaction said yesterday the alliance could make a bid for the Warsaw Stock Exchange if and when Polish government decides to privatize the local bourse.

Privatization policy

Government still unsure about PZU, PKO BP merger

'We have no plans for an administrative merger of state-owned bank PKO BP with PZU insurance group', deputy Treasury Minister Przemysław Morysiak told PARKIET on Tuesday. Merger of the two firms might be possible sometime in the future only if it produces additional value for their shareholders. Mr. Morysiak's boss, Treasury Minister Zdzisław Kaniewski announced several days ago the government may push for a merger of the two in order to create a counterbalance to foreign banks and insurance companies.

Politics

Kwaśniewski backs Marek Belka

as new PM

Polish president Aleksander Kwaśniewski gave his blessing to former finance minister Marek Belka in his attempts to form a new cabinet replacing PM Leszek Miller, who will step down on May 2nd. Belka has yet to win the support of opposition parties to form a coalition that would push through proposed cuts in public spending. 'We have quite a lot of time until May and I believe we will be able to form a new government', Kwaśniewski said yesterday after discussing Belka's candidacy with mainstream opposition politicians.

Paper industry

Świecie to pay another fat dividend

Shareholders of Frantschach Świecie packaging maker have approved plans to pay PLN 250 million in dividends, raising dividend per share to 5 zloty. Framondi subsidiary earned 148 million zloty last year, but it has cut back CAPEX spending after completing several large-scale investment projects, CEO Krzysztof Sędzikowski told PARKIET.

Internet

Polish e-commerce doubles

to PLN 300 million

E-commerce sales have doubled to almost 300 million zloty ($78 million) last year according to collective figures posted Visa International. The figure doesn't include sales through Allegro.pl and other Internet auction sites. The number of B2C websites rose from 460 to about 1000.

Equity markets

Recordati may list in Warsaw

Italian drug-maker Recordati may list its stock in Warsaw, company representatives suggested on Tuesday. 'If the investors ask for that, we will send the proposal to our main office in Italy. Walter Bevilacqua told PARKIET in an interview.

The company is trying to break into Europe's seventh largest market by offering approximately 57 million euros for 49 percent stake in the publicly traded Polfa Kutno. The Italians are offering 287 zloty in cash for each share of Polfa. The stock rose 16 percent to 275 zloty yesterday, up from around 235 zloty before the announcement.

Construction

Prochem shares up after new contract

Shares of Prochem S.A., a small engineering company listed on Warsaw Stock Exchange rose 15 percent on Tuesday after it announced a new contract with Trzebinia refinery. Prochem, which has annual sales of approximately 83 million zloty said it won a 46 million zloty contract to upgrade the refinery. Warsaw-based Prochem, formerly minority-owned by Fluor Daniel, now has market capitalization of approximately 11 million US dollars.

Telecommunications

Polkomtel reports record profit, announces another dividend

Polish mobile phone company Polkomtel said on Tuesday its 2003 net profit rose 47 percent to PLN 757 million ($194 million). Vodafone and TDC subsidiary said