Locked content Pesa with new CEO

Bus producer Pesa appointed its Vice President Robert Świechowicz as the new CEO. Świechowicz will replace Tomasz Zaboklicki, who served as the company’s president for 16 years. He will now serve as the deputy chairman of the supervisory board, joining other two main shareholders, Zygfryd Żura...

Locked content Poland to increase military spending to 2.5% in 2030

Polish government will introduce a bill, increasing the defense spending to 2 percent of GDP next year, and gradually increasing it to reach 2.5 percent in 2030. After it is passed by Parliament it will be in line with recent NATO regulations. Due to the increase in spending, Poland hopes to increas...

Locked content PZU to sell PLN 2.25 bln subordinated bonds

WSE-listed, state-owned insurer PZU will sell PLN 2.25 billion in subordinated bonds maturing at 1.8 percent over 6M WIBOR. The bonds will mature in 2027. Pricing is in line with earlier reports. The issue was possible thanks to the law signed by President Andrzej Duda, which allows insurers to inco...

Locked content Insurers with 67.5% profit growth in Q1 – GUS

Net profit of insurers operating on the Polish market increased by 67.5 percent to PLN 1.02 billion in Q1 Central Statistics Office (GUS) informed. The overall performance of the industry was boosted by better-than-expected results from non-life insurers which amounted for PLN 484.9 million. In the ...

Locked content Food prices to increase lower than expected this year – IERiGŻ

Food prices growth this year might be lower than previously expected, economists from the Institute of Agricultural and Food Economics (IERiGŻ) said. “After the decline in March, retail prices for food in April have not changed, indicating that the rise in retail prices for food in 2017 will not be ...

Locked content Orlien Lietuva’s to sign deal with local railway operator

After a years-long dispute, Orlen Lietuva will finally sign a partnership agreement with the state-owned Lithuanian rail operator Lietuvos Gelezinkeliai. Both sides have been negotiating new terms since 2009, when a 19 kilometer railway route connecting Orlen’s Lithuanian facility with the city of R...

Locked content iCotton raises its stake in Harper Hygienics to 66%

Latvian iCotton has acquired 3,852,200 shares in Harper Hygienics, the WSE-listed producer of skin cleaning products such as cotton pads, in the tender offer. As a result, the company increased its stake by 6.05 percent to 66 percent. The tender offer stood at PLN 1 per share. Earlier in May, iCotto...

Locked content CI Games to focus on smaller games

WSE-listed video game developer CI Games has released its latest strategy with focus on smaller projects. After the failure of its latest so-called AAA title (an industry term describing video games with big budgets) Sniper Ghost Warrior 3, the company has decided to switch its focus to a smaller sc...

Locked content Famur buys 65.83% shares in Kopex

WSE-listed machinery producer Famur bought a 65.83 percent stake in rival Kopex from Famur’s majority shareholder TDJ for PLN 204 million, confirming the previously announced deal details. The share price in the transaction stood at PLN 4.17 apiece, and will be financed from the sale of 72.92 ...

Locked content Kulczyk siblings top richest Poles ranking – Wprost

Dominika and Sebastian Kulczyk, children of the late Jan Kulczyk, for the second straight year, topped the Wprost weekly richest Pole list. Their combined worth was estimated at PLN 15.5 billion and was lower by PLN 1 billion than the previous years’ result. Second on the list is media mogul Z...