News Parkiet

Power industry

Elektrim may lose 50 million zloty on ZE PAK

District attorney's office in Kraków has confirmed previous reports is it investigating alleged improprieties during the purchase of employee-held stock in Zespół Elektrowni PAK power plant by Elektrim power and telecoms group. Senior executives at DM Penetrator, which bought 15 percent of PAK on Elektrim's behalf admitted recently the broker signed backdated contracts with PAK employees. Sources say the contracts may be illegal under the Polish law.

Some PAK employees now say they want their stock back while keeping Elektrim's advance payment, says trade union official Piotr Rybiński. If the contracts are declared invalid and Warsaw-based conglomerate is forced to give up the ownership of PAK shares, it could lose as much as 50 million zloty ($12.8 million).

Pension reform

Poland postpones individual retirement accounts

IKE individual retirement accounts will be postponed at least until June after draft law proposing the amendment to Polish pension system got stuck in the parliament. 'There are other, more urgent projects', says SLD's Anna Bańkowska, head of Sejm' Social Policy and Family Affairs Commission.

Clarification

GTC prepares for Warsaw IPO

Globe Trade Centre property developer has filed for IPO with the Polish Securities and Exchanges Commission. The company said it wants to sell new stock, raising funds to expand its operations in the region.

As a part of the transaction GTC International - company's main shareholder, will contribute in-kind shares in its CEE real estate subsidiaries in the Czech Republic, Hungary, Romania and Serbia, in exchange for new shares of Polish GTC. IPO proceeds will be used to develop new projects in Poland and other CEE countries.

Information Technology

Hoga tops sales forecast

Hoga.pl IT services distributor posted sales of 13.6 million zloty last year. Preliminary sales figures are 7 percent higher than Hoga's latest sales projection. The firm, which started out as a horizontal web portal lost 1.2 million zloty. Fourth-quarter loss totaled 142.000 zloty despite previous assurances by Hoga's managers the company would show quarterly profits for the second time in its history.

Banking

Volkswagen Bank earnings up

Net earnings at Volkswagen Bank Polska (VBP) rose 10 percent to 34.6 million zloty, the company said on Friday. Volkswagen group subsidiary provides financing for 36 percent of car sales in Poland in its market segment. The bank gave 613 million zloty worth of new car loans last year, up 10 percent from the year before. Bad loans were down 0.4 percentage points to 8.8 percent.

Customer deposits at VBP's Internet arm, Volkswagenbank Direct rose 45 percent to PLN 570 million ($146 million).

Equity markets

KIM Group postpones Warsaw IPO

KIM Group mobile phone distributor says it will reconsider possible IPO on Warsaw Stock Exchange sometime later this year. Krakow-based company may need 'at least several million zloty' to finance international expansion after Poland's entry into the European Union.

Petrochemicals

Jasło Refinery receives new financing

State-owned Jasło refinery from southern Poland received 15-million zloty loan from NFOŚiGW ecological fund to pay for the completion of new fuel terminal and other projects. The loan is guaranteed by Grupa Lotos petrochemical holding from Gdańsk, which has agreed to buy its smaller, regional partner later this year.

Jasło has run out of cash to complete 25-million zloty, 500.000-ton storage terminal after one of its clients didn't pay the company 6.3 million zloty it owed for fuel payments.