Board of directors of PKN Orlen refinery has postponed likely vote on the proposal to purge company?s senior management until its next meeting in mid-January 2004. The decision gives Orlen?s embattled CEO Zbigniew Wróbel more time to fight disgruntled shareholders pushing for his resignation over improper procurement and contracting practices.
Brokerage industry
BDM to launch mutual fund company
Beskidzki Dom Maklerski brokerage house is raising new equity to launch its own mutual fund group, its CEO told ?Parkiet? yesterday. ?We will set up our own mutual fund company together with BPS cooperative bank?, Jacek Rachel said. Privately held BDM wants to sell new stock worth 4 million zloty ($1 million) to finance the project.
Founded ten years ago, BDM remains one of a handful independent equity brokers in Poland. It focuses mainly on retail investors and has a network of 14 branches across south central Poland. In addition to equity brokerage business, BDM has asset management division. It also performs clearing services for PHS steel-maker.
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