Polish Business Survey
PZU boss sees conflict ending
In-fighting between the two main shareholders of insurer PZU, the treasury and the Eureko-BIB BG consortium, has delayed the privatisation of the company for a long time and even prevented any restructuring.
Jerzy Zdrzałka, MD of PZU SA, claims that within the next two weeks the situation will diametrically change. On Wednesday a new head of the advisory board will be chosen and on 30 October there will be a shareholders meeting of PZU Zycie which despite being a subsidiary, at present effectively controls the mother company. With questions of control resolved, restructuring and privatisation will be much easier.
Looking after our money
Following the resignation of Hanna Gronkiewicz-Waltz as the head of the national bank (NBP) analysts from various banks and institutions largely agree that her successor should be a skilled economist free of political control who will not print money like a drunken sailor and will have the support of a wide parliamentary block.
One potential candidate named was Leszek Balcerowicz, provided that he gave up his present position as leader of the UW political party. Other potentials include presidential advisor Marek Belka, professor Dariusz Rosati and Bogusław Grabowski of the financial advisory board RPP.
Gyproc may leave PSB
Belgian buildings materials producer Gyproc has announced that it may leave the PSB group within the next two years. Nonetheless there are a number of companies interested in joining the group which is likely to include twenty new shareholders this year.
PSB has 340 warehouses throughout the country. It hopes to increase it current 10-12 percent market share up to 18-19 percent next year.
Sales this year will be around PLN340m, profit being around one percent of this. Last year PSB had a profit of PLN2.5m on a PLN152.5m turnover. Worldwide sales of members of the group would be around PLN2bn.
ZUS in sorry state
No-one is capable of forecasting when the computer system of the social security organisation ZUS is likely to start working. Some 25-30 percent of money destined for the pension funds is never received by them. This has led to certain pension funds having major financial difficulties. Ideas of solving this awful state of affairs range from sending the companies their money directly from the client, taking pensions away from ZUS or making a private transfer agent responsible for getting the funds to the pension companies.
Unions ask about bankŐs plans
Unions representing employees at Bank Handlowy are requesting that management give them details of what future plans are for the workforce. Their doubts spring from the recent purchase of the bank by the American Citigroup.
Future is not on time
Jan Buczkowski, the new boss of the energy exchange, says that it must have a five percent share in the countries turnover, otherwise the futures market in power supply will never take off. Currently the energy exchange has around one percent.
It is a steel!
Huta Katowice is placing its hopes in a deal with its creditors of taking a six percent share in subsidiary HK Long. Creditors, not unsurprisingly are a little sceptical about investing in the steel sector.
Bank share doesn t interest
Punters do not seem to be too interested in shares in Pekao SA. The reasons are simple: the high price of the shares and the low position of the stock market. No doubt the question of the new boss of the NBP will also have an effect on it.
BRE in drugs loan
Cormay Poland, one of the leading distributors of pharmaceuticals in Poland, has come to a financial agreement with BRE bank. The bank is also one of three potential financial investors of the company. As the company has given up stock market ambitions, long term loans remain the only major area of financing.
Cormay Poland is the third largest pharmaceuticals distributor in this country after PGFF and Farmacol.
Tadeusz Tuora, MD of Cormay, says that his company needs a strong investor but not necessarily from abroad. He has repeated on several occasions his idea of consolidating the sector. Andrzej Olszewski, the main shareholder of Farmacol is keen on the idea but they have not managed to persuade Tadeusz Wesolowski of Prosper.