News Parkiet

Mining

Unions try to block privatization at KGHM

Union officials at KGHM Polish Copper mining giant said they would push for the dismissal of some of company?s top executives to block future privatization plans. CEO Stanisław Speczik said recently, he will ask Polish authorities to either sell part of its 44 percent stake or combine sale of government-owned shares with new stock issue worth as much as one billion zloty ($260 million) to pay for new mining projects.

Public finances

Poland?s EU contributions higher because

of rising euro

Polish government is facing yet another budget shortfall because of higher than expected EU payments. Poland?s European Union membership fee is set at 1.35 billion euros. Because of rising euro, actual amount now totals PLN 5.8 billion, or 500 million zloty higher than planned in this year?s budget.

Real estate

Globe Trade Centre could join key stock index

after IPO

Globe Trade Centre property developer is hoping to join WIG20 index of Poland?s largest stocks as soon as possible after this year?s planned IPO in Warsaw, Chief Financial Officer Erez Boniel said on Monday. Analysts say the offer could be worth as much as 100 million dollars including stock sale by existing shareholders, making it one of the biggest IPOs in Poland in recent years.

GTC is best known as part owner of Warsaw shopping mall Galeria Mokotów and the adjacent Mokotów Business Park office complex.

Wood industry

Grajewo to pay record dividend

Pfleiderer Grajewo, a publicly traded wood panel manufacturer announced on Monday it would pay out all of last year?s earnings totaling almost 62 million zloty ($16.3 million) as dividend to shareholders. If the proposal is approved by Grajewo?s owners, including Germany?s Pfleiderer group, dividend per share would rise from 10 zloty to almost 12 zloty per share.

Based on Monday?s closing price of 170 zloty, Grajewo?s dividend yield now stands at 7 percent, one of the highest on Warsaw Stock Exchange.