Locked content Kulczyk to buy shares in Ciech

KI Chemistry from the Kulczyk Investments capital group will buy Ciech shares despite not achieving the minimum level of tender subscriptions, the offer’s manager DM BZ WBK said on Monday. The tender offer, for up to 66 percent in Ciech, expired last Friday. The final number of subscriptions a...

Locked content Maciej Bando named chairman of the Energy Regulatory Office

Maciej Bando was named to the post of Energy Regulatory Office (URE) chairman to serve a five-year term.   “For the first time, the URE chairman was chosen in a competitive recruitment process, led by the Chancellery of the Prime Minister. New conditions of URE chairman selection, includi...

Locked content EC suspends deficit procedure for Poland

The European Commission has decided to temporarily suspend the Excessive Deficit Procedure toward Poland, the EC said in a press release on Monday. A similar decision was issued in the case of Croatia. “Poland was recommended to reach a headline deficit of 4.8% of GDP in 2013, 3.9% of GDP in 2...

Locked content Shale gas laws within two months – Grabowski

Environment Minister Maciej Grabowski told Polish Radio on Monday that he hoped for the adoption of shale gas regulations by the Sejm within the next two months. Work on the legislation has been going on for more than two years. Grabowski said that in his opinion it is not the lack of regulations bu...

Locked content Kompania Węglowa looking for deputy CEO

Poland’s largest coal miner Kompania Węglowa (KW) is looking for a new deputy CEO after Marek Uszko resigned from the post, the company said last week. Uszko, who has been with KW for nine years, will continue to work for the company until the end of June. He did not reveal the reasons behind ...

Locked content Idea Bank ready for IPO

Idea Bank, lender with primary focus on the SME sector, is planning on debuting on the Warsaw Stock Exchange in Q4 2014 or in Q1 2015, according to Rzeczpospolita. The bank, owned by Polish billionaire Leszek Czarnecki, who controls financial group Getin Holding, increased its profit by 30 percent i...

Locked content Ciech inks cooperation agreement with Kulczyk

Chemical group Ciech has signed a conditional cooperation agreement with KI Chemistry from the Kulczyk Investments group, which wants to acquire a majority stake in the company, Ciech said in a statement last week. According to the agreement, KI Chemistry is obliged to support Ciech in its operation...

Locked content Multimedia cancels IPO plans

Cable TV provider Multimedia Polska decided not to move forward with its IPO plans because of lack of demand for its shares in the bookbuilding process. The company offered 49.2 percent of its stock for PLN 21 maximum price apiece, which would value the offer at PLN 948 million. Multimedia is one of...

Locked content GDP may grow faster than 3.3% – Szczurek

The results shown by the Polish economy in the first quarter of this year allow for a more optimistic view of this year’s GDP growth, Finance Minister Mateusz Szczurek told business news station TVN24 Biznes i Świat. Growth in 2014 may be higher than the government’s forecast of 3.3 perc...

Locked content Kulczyk increases bid for Ciech

KI Chemistry, Kulczyk Investments subsidiary, raised its bid for a 66 percent stake in WSE-listed chemicals producer Ciech to PLN 31 per share. The initial bid stood at PLN 29.5 apiece. Ciech’s biggest shareholder, Treasury, which holds 38.7 percent stake in the company has said earlier in May...