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Equity markets

Elektrim tightens its grip over DM Penetrator

Elektrim power and telecoms group took back control of Warsaw brokerage house Dom Maklerski Penetrator from its managers, ousting CEO Andrzej Madej. Polish holding company said earlier it would sell all non-core assets and go back to its roots as power industry supplier and energy producer.

Elektrim spokeswoman Ewa Bojar now says her company might increase its stake in DM Penetrator from 48 percent it already owns.

DM Penetrator started out in late 1980?s as a manufacturer of specialized weather research equipment. The company turned to financial services after setting up Kraków commodities exchange in 1989.

Equity markets

Plast-Box sets IPO range at 20 to 27 zloty

Plast-Box plastics maker will try to sell up to 650.000 shares at 20 to 27 zloty each in a proposed Initial Public Offering (IPO) according to a press release published on Thursday. The company announced plans to go public at the turn of this year. At 27 zloty per share, Plast-Box would raise 17.5 million zloty minus underwriters? fee. Słupsk-based firm said proceeds would be used to buy new equipment and to increase working capital. Final IPO price will be announced on February 6 after the company completes its roadshow.

Plast-Box CEO Waldemar Pawlak says the issue, this year?s first for the Warsaw bourse may be oversubscribed due to its small size and company?s prospects.

Chemicals

Cargill starts spirit-making business in Poland

Wrocław factory of Minneapolis-based Cargill Incorporated food supplier will switch from production of sugar substitutes to spirit-making after Polish authorities agreed to EU glucose syrup and starch production quotas. Cargill?s main Polish plant has already completed a new spirit distillery. The product will be used as fuel additive after Poland starts enforcing controversial new law on mandatory use of fuel additives in gasoline.

The economy

GNP grew by 3.7 percent last year, GUS says

Poland?s Gross National Product rose 3.7 percent last year, the head of Main Office of Statistics (GUS) said on Friday. Tadeusz Toczyński attributed higher growth to strong industrial output and rising export sales.

Separately, GUS restated its jobless figures for December of last year. According to the latest data, 20 percent of working-age Poles were unemployed at the year?s end, up from 18 percent reported previously.

Pulp and paper

Świecie falls after poor earnings report

Shares of Frantschach Świecie paper maker fell after the company reported lower than expected earnings and sales in the fourth quarter of last year.

Framondi subsidiary said 4Q profits were down 64 percent to 21.5 million zloty ($5.6 million). Sales fell 7.5 percent to PLN 308 million because of lower paper prices and foreign exchange losses.

Świecie closed at 67.1 zloty after falling 4.8 percent to its lowest level in six months.