Polish Business Survey

Alan Heath
opublikowano: 13-12-2000, 00:00

Polish Business Survey

Brewery wants backer

The Piast brewery in Wrocław is counting on finding a strategic investor next year. The brewery is one of very few that remains independent in this country. Ryszard Varisella, owner of Piast, says that the decision to find a backer was due to the consolidation of the market and the fast development of his company. He says that any offer will be considered but he would prefer one from the sector. ABN Amro Corporate Finance from London will be advising the brewery.

It would seem that Piast has several suitors such as the South African SAB which owns Kompania Piwowarska and the Danish Carlsberg which has a stake in Okocim The Austrian Brau Union which is trying to form a group is also likely to be interested. If Piast should go with the South Africans, then Kompania Piwowarska would automatically take the number one spot on the brewing sales league from Żywiec.

Piast has a 65 percent market share in Lower Silesia and has invested more than USD50m in the past five years.

The brewery is hoping to sell around 100m litres of beer this year which would give it a four percent share of the national market. Profits in the first ten months of this year came to PLN6.5m.

Doubling capital

Shareholders at the next general meeting of Telbank on 27 December will be voting on a management proposal to double the capital value of the firm. The value of the share issue will be PLN131m which is needed for infrastructure investments.

Government short of cash

The treasury is likely to receive around PLN4bn less than expected this year. However not all government departments are able to restrict their budgets accordingly and they want around PLN640m to be taken from next year. The ministry of health needs the most cash suggesting that PLN180m is needed for it from next year’s budget for restructuring.

Vattenfall to take electricity distributor

The Swedish Vattenfall will invest at least PLN2.7bn in the next ten years in the Upper Silesian Energy Concern GZE if a privatisation agreement between the Swedes and the treasury is signed on 18 December. The Swedes will pay around EUR170m for a 25 percent stake in the largest electricity distributor in Poland.

Austrians out of steel investment

The shareholders of Voest Alpine Stahl decided yesterday to pull out of a proposed plan to build a new small steel works in Poland. VAS also decided against a new plate mill anywhere in Europe and not to negotiate with the treasury in any of the proposed privatisations of the state owned steel producers.

New law fails to simplify

From the beginning of this week a new law has been in force which defines leasing. However industry representatives claim that far from making things easier, the law only complicates the already difficult relationship with the tax authorities.

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Podpis: Alan Heath