Polish Business Survey
Internet cobblers
Former cobblers Ariel has changed its name to Internet Group with an announcement of a PLN10m investment. It is hoping to get rid of its now unneeded footwear before a strategic investor turns up.
Water permission
The Dutch Eastbridge, owner of Empik and the Centrum department stores is waiting for the permission of the monopolies board UOKiK to purchase the Mazowszanka mineral water plant. The company already owns two major water concerns in Poland.
Bank to issue bonds
HypoVereinsbank Bank Hipoteczny has announced that it will issue a four year bond with a value of around USD8m this autumn. Also following a agreement with BPH bank, it will be able to offer credits in nine of the branches of BPH.
Plastics company planned
Ergis, one of the largest plastics producers in Poland, is reported to be talking to Sanwil of Przemyśl about starting a company producing PCV articles. Ergis belongs to the Victoria national investment fund.
Energy sale could be delayed
It seems more than likely that the privatisation of the Polish energy sector is likely to be delayed for yet another year whilst foreigners start to lose interest, politicians squabble and the treasury team could be completely replaced.
This year the government had hoped to privatise the Upper Silesian Energy Concern (GZE) the Rybnik power station and three central heating plants in Białystok, Zielona Góra and Tychy. As far as these businesses are concerned no problems are expected and the privatisation process is already well advanced.
At Białystok, for example, potential investors have already been reduced to a shortlist that includes Ogden Energy West, Rolls-Royce PV, the Enpol consortium, Węglozbyt and the French SNET. The winner will now be decided by the treasury.
As far as the Zielona Góra central heating plant is concerned the treasury has already invited bids and the Tychy plant is close to asking for offers.
Polish insurers not worth acquiring
Insurers Generali have announced that they want to obtain two percent of the Polish insurance market by 2004, however analysts think that the only way to do this would be through an acquisition. The company has already ruled out an increase in the amount of auto-insurance it offers - the route normally favoured by insurance companies seeking a bigger market share. The opinion of the company is to wait a while before expansion as there are no Polish insurers who are worth acquiring!
Developers talk bourse
The Batory house building company (TBM Batory), part of J. W. Construction, has announced that it intends to make a stock market debut next year. This is done in order to raise investor confidence in the company who is seeking cash for ambitious projects such as the construction of a hotel and congress centre in eastern Warsaw. This plan allows for a 250,000sqm project to include three and four star hotels with 2,000 rooms, a 3,000 seat congress centre and an aquapark. Building is planned to commence within the next three years and cost USD100m.
Wait and you ll get your money
In an interview in today s Puls Biznesu Grzegorz Tuderek, MD of Beton Stal, has urged his creditors to be patient. Before the end of the year, he says, the holding intends to get rid of unprofitable companies, clear up ownership difficulties of several properties and most importantly continue talking to potential strategic investors.