Problems trucking
Management of transport company Pekaes has failed to bring the company onto the stock market. The sale of a 51.2 percent majority stake in it is now to be handled by the privatisation agency. At the same time minority shareholders have reported to investigating authorities what they see as a crime as not being informed of plans.
For five years Pekaes has invested around PLN60m annually. Last year it is only PLN5.5m. Small shareholders claim that they are paying back this money.
The privatisation agency will be getting the right to sell the shares in the company in a few days time. It is therefore to soon to know when a buyer will be found.
The Pekaes group is built around the Pekaes company and most of its income comes from subsidiaries in the form of rental money for property and vehicles. Last year Pekaes made a net profit of PLN4.5m.
Minority shareholders want to make their voice heard claiming that Pekaes has a dominating position and therefore can dictate the prices its wants. In reality it is only a company on paper and nothing else. It is also claimed that last year a profit was not earned but a loss of PLN10m. This is twice as much as in 1999 and is a trend that is likely to continue.
In the first quarter of this year alone a loss of PLN5m was run up. Small shareholders claim that management is massaging the figures so that things will not look so bad.
The minority shareholders will soon have a chance to have their voice heard. The matter was reported to the prosecutors office at the end of last month and will probably find its way into court