Polish Business Survey

Alan Heath
opublikowano: 06-10-2000, 00:00

Polish Business Survey

Karen looks for backer

Karen Notebook, one of the largest retailers of laptop computers has decided against launching shares on the parallel stock market and opted for a solution to find a financial backer. The company has announced that it wishes to sell a thirty to thirty five percent stake.

Karen is hoping to make a PLN3.4m profit this year. In the first six months of the year it noted a loss of PLN26,000 on a turnover of PLN23m. The company is claiming that turnover has increased by thirty percent in the first three quarters of the year as compared to the same period in 1999.

Chemical works on market

The chemical factory at Rudniki is trying to find an investor prepared to place PLN10m in the company in exchange for an eighty percent stake.

One of the interested parties is domestic chemical giant Ciech who through this purchase would dominate the market. Other potential buyers include the Dutch Leduce Chemie and German Wšellner Silicat as well as financial institutions.

Steel imports grow

Despite a recent significant increase in steel exports, Poland still has a major deficit in this sector with the EU. One of the reasons for this is that Poland continues to export low value unfinished products whereas it imports finished goods.

This year Poland will probably export around 2m tons of steel worth USD4.5bn. Imports from the EU this year will increase from 1m tons to 1.2m tons although in value it will increase from USD0.8bn to USD1.8bn.

Around seventy percent of imported steel is sheeting used mainly in the automobile and white goods market. Daewoo for example imports steel from France and Luxembourg because it is less likely to corrode quickly.

However the company is also the only concern to use domestic sheeting. Almost all the metal used in the production of Polonez cars and 46 percent comes from the Kraków HTS steel mill.

Opel uses steel largely from the UK

The Polish steel industry lacks the investment cash to be able to produce this kind of steel. It could be at least four years before Huta Katowice can produce anything that would serve the interests of the domestic automobile and household electronics industries.

The Polish steel industry is saddled with debt and urgently in need of restructuring and privatisation. Despite investments from the Anglo-Dutch Corus and Italian Danielli, the sector still has a very long way to go before becoming profitable.

Bols aims high

The Dutch Unicom Bols Group, which is on the short list to buy Polmos Poznań from the state, has announced that it is also interested in acquiring the Polmos companies in Lublin and Żyrardów who both have the right to export some of their products.

Bols is not yet prepared to say if it would be prepared to work with Agros on the export of the popular Wyborowa brand.

Polmos Poznań is slated to be sold in the first quarter of next year.

The factories in Lublin and Żyrardów should follow in 2001 or 2002.

No light at end of pipe

Following its unsuccessful attempt to sell pipe producer Marywil, the treasury has announced that it will now concentrate on restructuring the company before making another privatisation attempt.

Biała Podlaska fantasy closer

The Polish - Turkish consortium Epit-Korporacja Rozwoju Wschód-Zachód is now claiming that it is coming close to realising its dream of developing a site in Biała Podlaska around the former airfield. This USD2.3bn plan includes adapting the former military airfield for civil and cargo use.

The main contractors have already been chosen as has finance for the plan. The main contractor will be the Turkish Alarko whilst the power supply will be built by the German KAB. Developer Bovis will construct a filling station together with BP. Companies responsible for the construction of the hotel, conference centre, office and retail facilities, road infrastructure, aquapark and housing have also been selected.

Vahap Toy of Evit who is overseeing the scheme claims that a contract will be signed on 28 November. On the same day a contract will be signed with those who are funding the operation such as Deutsche Bank, the Canadian Exim Bank and other so far unnamed financial institutions from the USA, Spain and Canada. Vahap Toy claims that in total 284 companies will be involved in the construction plans. The airport operator could be the Canadian company Vancouver and representatives of Evit are flying to London next week to talk to them. A final decision will not be made until 12 November.

© ℗
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Podpis: Alan Heath

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