News Parkiet

Mining

KGHM?s managers seek options, sale of government stake

A group of senior executives at KGHM Polish Copper are reported to have asked Polish authorities to sell 44 percent of the company now in government hands on the stock exchange in a move that would leave the mining giant without a single major shareholder. The group, led by KGHM?s Chief Executive Officer Stanisław Speczik is also asking the government to give them 5 percent stake in the company worth an estimated 300 million zloty ($77 million) as part of a stock option plan. Solidarity union activists at KGHM said they might go on strike if the plan actually goes through.

Equity markets

More volatility expected in today?s triple witching hour

Polish blue chips are about to go on a roller-coaster ride today as triple witching expiration of March index futures contracts inflates trading volumes. Estimates by PARKIET show arbitrage traders are holding stocks worth at least 70 million zloty ($18 million) that are likely to be sold this Friday.

Information Technology

Betacom investor to sell stock despite promises

Private equity investor ATI said it would sell its 21 percent stake in Betacom e-learning company weeks after a successful IPO on the Warsaw Stock Exchange. Although there was no formal lock-up period, ATI, whose full name is Advanced Technologies Investors said earlier Betacom is a ?long-term investment?. ATI said it changed its mind because of strong demand during the IPO. It said the sale would be arranged with institutional investors interested in Betacom. ATI paid just 3.2 zloty per share for 420.00 shares of Betacom three years ago. The stock now trades around 30 zloty per share compared with IPO price of 28 zloty.

Economy

Hausner sees 5.3 percent first quarter GNP growth

Polish economy may expand as much as 5.3 percent in the first quarter, Economy Minister Jerzy Hausner said yesterday. Despite stronger than expected 1Q growth, Hausner said it?s too early to raise official full-year forecasts. Unemployment rate remained unchanged at approximately 20.6 percent in February, Hausner said at an impromptu press conference yesterday.

Insurance

Polish regulators seek more control over corporate boardrooms

UKNUiFE insurance and pension fund regulatory agency is asking all insurance firms registered in Poland to submit board of directors? meeting schedules and meeting agendas for this year. Government regulator says it needs detailed information about corporate activities to delegate its own staff to monitor board meetings. Insurance company representatives say UKNUiFE has no business interfering with board activities.