News Parkiet

Corporate affairs

Polifarb Dębica could become public

after court ruling

Alcro Beckers subsidiary Polifarb Dębica may be forced to become a public company again after a ruling by Poland?s constitutional tribunal which rejected corporate regulation that limited rights of minority shareholders. Polifarb was delisted from the WSE after its Swedish parent company bought out minority shareholders in a controversial takeover that begun in 1999. Courts later rejected arguments of one Polifarb shareholder, who tried to block the move citing corporate law the tribunal has now ruled unconstitutional.

Power industry

Shareholders postpone decision

on the future of ZE PAK

Trade unions at Zespół Elektrowni PAK power plant threatened to go to the streets after their company?s shareholders, Elektrim power and telecoms group and the Polish government delayed key decision on future financing of new power block by another three weeks. Union officials now say 11,000 jobs are at risk if PAK?s existing owners fail to secure financing for Pątnów 2 power block because the project is already threatening financial liquidity of one of Poland?s largest power plants.

Banking

ING Bank Śląski CEO leaves company

Marian Czakański announced he won?t serve another term as CEO of ING Bank Śląski citing ?personal reasons?. However, industry sources speculate Czakański was forced out by ING Groep because of poor earnings of its Polish unit in recent years.

Internet

TP won?t raise Internet prices after

new VAT tax

Poland?s main phone company Telekomunikacja Polska said it won?t change net rates for dial-up and broadband Internet access after May 1st changes in the country?s VAT taxes. Polish parliament has agreed to exempt residential users from VAT on Internet access. However, VAT tax on services for corporate subscribers will go up from 7 to 22 percent.

Telekomunikacja Polska and other ISPs say they will end up paying more because they won?t be able to offset VAT tax payments with taxes collected from residential users. TP itself estimates negative, hypothetical impact of new tax changes on last year?s earnings at more than 40 million zloty ($10 million).

Chemicals

Ciech closer to property sale

At last two international property developers are ?seriously interested? in the headquarters of Ciech chemicals trading group, sources close to the company told PARKIET. Former communist-era foreign trade company is asking at least 27 million zloty ($7 million) for 13,000 square meter office building with an adjacent lot located in Warsaw?s Wola district.

Banking

BGŻ stock sale running on schedule

Work on new equity increase of BGŻ agricultural bank is going ahead as scheduled, sources closed to the bank told PARKIET on Monday. State owned lender, whose full name is Bank Gospodarki Żywnościowej has until the end of May to sell between 8 and 10.6 million new shares priced at 43 zloty each. BGŻ didn?t say officially who will buy the new stock, but Polish media is reporting European Bank of Reconstruction and Development and various investment funds could buy a minority stake.

Polish government now has 69.4 percent of BGŻ, which specializes in financing food processing industry and agriculture. Cooperative banks from around the country own most of the remaining 30 percent.

Pharmaceuticals

Bioton posts 8 million zloty profit helped

by drug refunds

Privately held insulin maker Bioton S.A. said its net earnings last year rose to 8 million zloty ($2.1) million from PLN 3 million in 2002 after its product was included on the list of refundable drugs. Bioton wants to increase sales to 150 million zloty this year, gaining 20 percent market share.

Outsourcing

Impel building new industrial laundry

in Legnica

Impel outsourcing group will spend as much as 1The new facility is designed to process 15 tons of dirty clothing per day.

Industrial laundry services and rental of work uniforms by a subsidiary called Impel Rental accounted for approximately 2 percent of Impel?s 450 million zloty sales last year.