News Parkiet

Chemicals

Ciech sets IPO date for September 2004

Ciech S.A. chemicals trading group announced plans to hold an Initial Public Offering in September 2004, raising an estimated 100 to 200 million zloty ($25-50 million). State-owned holding company needs the money to finance several new acquisitions, including Polish chemical firms and foreign soda ash producers, CEO Ludwik Klinkosz said yesterday. The firm gave up its plans to buy soda ash maker in Ukraine, but is now looking at an unnamed Western company. It may also buy part of Police fertilizer plant.

Ciech S.A. is a former, communist-era trading company, which over time accumulated stakes in over 80 other firms. Polish government retains direct control over 52 percent of Ciech?s voting stock. Much of the remaining 48 percent is held by various state-owned firms.

Paper industry

Grajewo mulls new equity issue

to finance Russian expansion

Pfleiderer Grajewo, one of Poland?s largest makers of raw and laminated wood panels says it may consider a secondary offering sometime next year to finance plans to build new production plant in north-western Russia.

Grajewo, which became part of Germany?s Pfleiderer group several years ago, said the Russian factory, to be completed by 2005 will cost approximately 60 million euro. Russian market already accounts for a substantial part of Grajewo?s sales, CEO Paweł Wyrzykowski told PARKIET on Monday.

Separately, the firm announced it expects this year?s sales to reach as much as 545 million zloty. Grajewo also said in a statement to Polish investors its earnings will total 57 million zloty, with EBITDA at PLN 110 million. After a record dividend this year, Grajewo now says it expects drastic cuts of future dividends in order to finance capital expenditures.

Public finances

Poland to raise gas and sin taxes

Polish Finance Ministry has revealed plans for yet another tax hike, raising taxes on tobacco, alcohol and gasoline. Starting in mid-January, Poles will have to pay 12 percent more for cigarettes. Excise taxes on beer will be raised by 1.5 percent to 6.94 zloty per one hundred liters, double the level in neighboring Germany, Czech Republic and Slovakia.