Poland: Ciech will sell its shares easily

APA - Austria Presse Agentur
opublikowano: 28-01-2005, 15:37

Warsaw (Puls Biznesu) – Ciech, Poland’s company producing and trading with chemical goods, which is going to be listed in the middle of February, should not have troubles with investors. On the first day of subscription, institutional investors subscribed for shares worth PLN 1.1 billion (EUR 270.6 m), ‘Puls Biznesu’ learnt unofficially.

Warsaw (Puls Biznesu) – Ciech, Poland’s company producing and trading with chemical goods, which is going to be listed in the middle of February, should not have troubles with investors. On the first day of subscription, institutional investors subscribed for shares worth PLN 1.1 billion (EUR 270.6 m), ‘Puls Biznesu’ learnt unofficially.

‘We evaluate PLN 580 m of the sum to be offered by entities which will not resign and will constitute a stabile shareholder structure’, a person close to the issuance process said. Individual investors ordered PLN 20 m of shares.

Ciech sells 3.35 m of its own shares and 8.2 m of new shares. ‘As investors accepted the price of PLN 24, the company should earn from the IPO PLN 224.5 m. I guess it would be difficult to get more’, the source said. Several months ago the chemical giant estimated to earn PLN 220-240 m. Analysts stress that Ciech was helped by the news that EBRD was interested in acquiring at least 20 percent of its shares. ‘EBRD always well researches the market prior to entering an investment. The majority of the bank’s investments are successful. Ciech is a good company, with no outside dangers’, Rafal Salwa, analyst of Internetowy Dom Maklerski brokerage said.

(PLN 1 = EUR 0.246)

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Podpis: APA - Austria Presse Agentur

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