News Parkiet

Equity markets

SEC investigates futures? price

manipulation scheme

Polish financial authorities have seized trading account of an unnamed investor involved in an apparent futures contracts? price manipulation last Wednesday. The account, set up a few days earlier by Virgin Islands-registered company contained approximately 5.5 million zloty ($1.5 million). The price of FW20H index futures contracts fell over 100 points in late trading last Wednesday after a large sell order that triggered other stop-loss orders. Within two minutes futures contacts rose over 250 points, wiping out dozens of futures? daytraders. BDM PKO BP, which executed the transaction and lost 3.84 million zloty has already suspended one broker. Another BDM employee, who was also suspended is alleged to have broken into Warset trading system, entering the two orders.

Equity markets

Euronext and WSE to bid for Lithuanian

stock exchange

Euronext and the Warsaw Stock Exchange (WSE) will make a joint bid for a majority stake in Lithuania?s National Stock Exchange in early March. Lithuanian government has offered to sell 54 percent of NSE, plus 32 percent stake in the national clearing house by March 5 for a combined total of 2.7 million dollars. Helsinki Exchange Group, which already owns stock exchanges in neighboring Latvia and Estonia is also expected to bid for the Lithuanian bourse.

Power industry

Three firms bid for EK contact

Germany?s Lurgi group, publicly traded Rafako S.A. and a consortium of Poltegor and Hitachi have made their bids for new sulfur removal system at Elektrownia Kozienice power plant. The bids range from Lurgi?s low of 40.5 to Hitachi?s 42.5 million euro. Initial decision on the winning bid will be made by mid-March, one senior official at EK said yesterday. Shares of Rafako surged 11 percent to close at a five-year high of 11.10 zloty on news the company could win the contract.

Power industry

Remak seeks more export sales

Polish welding services company Remak S.A. is refocusing on export sales to Germany and other Western European markets until local power plants start spending more money on new projects. The firm, indirectly controlled by Spain?s Acciona group has already signed contracts worth 5 million euro in recent weeks. It is now negotiating new deals in Austria and Germany for a total of 4 million euro.

Power industry

El-Dystrybucja still interested in G-8 group

Kulczyk Holding subsidiary El-Dystrybucja is waiting for a decision by Polish government on future privatization sale of G-8 power distribution company, CEO Paweł Rzepka said yesterday. El-Dystrybucja, the only bidder for G-8 offered to buy G-8 in mid-September of last year.

G-8 is one of Poland?s largest power grid operators, with eight local distributors from northern and central Poland. State-owned holding has about 2 million customers.