Poland/Enterprises/Chemistry
Warsaw (Puls Biznesu) – The IPO of Ciech, the Warsaw chemistry company, to be held in September, is delaying. Now the optimistic date is December, the more realistic one, however, is January od February 2005.
The problem are capital connections between Ciech, its subsidiaries and PTU insurance company. Ciech is talking to the Ministry of Treasure to make the ownership structure easier. The ministry would like Ciech to list not only the new series of Ciech stock but also 20 percent of shares belonging to its subsidiaries and PTU. Ciech agrees for 10 percent of subsidiaries to be listed.
The PTU does not want to be listed fearing it would lose and does not want its stake of Ciech shares to be sold. ˛PTU is a private company and its difficult to convince it. If, however, because of PTU the issue of Ciech stock will be delayed we are going to think about another solution˛, Dariusz Witkowski, deputy Treasury Minister said.