AMS tidies up its accounts with bond issue for Agora

The General Shareholders Meeting of outdoor advertiser, AMS agreed to issue additional shares which will be exclusively addressed to Agora, the pu blisher of Gazeta Wyborcza, which currently owns 99.57% of AMS. The value of the new issue was not revealed, however it is speculated that it is in the order of tens of millions of zloty. Part of the funds will be used to repay a loan which was granted by Agora to the advertiser last autumn. AMS plans to spend around zl. 10 million on investments, mainly in and around Warsaw, which accounts for 25% of the total outdoor advertising market. (Puls Biznesu, p. 3) A.K. In Brief: Polfa Kutno; Netia consortium; Szeptel chairman resigns; TPSA shares The 2002 net profit of Polfa Kutno pharmaceuticals was zl. 23 million on revenues of zl. 211 million. This year the company hopes its profit will increase to zl. 31.5 million and revenues to slightly above zl. 250 million (Rzeczpospolita, March 8-9, p. B2) ... On Friday Netia Holdings, Telefonia Dialog and EVL Poland announced they are conducting due diligence on El-Net. (Gazeta Wyborcza, March 8-9, p. 30) The chairman of Szeptel, Cezary Pr zybyslawski has resigned due to "other career plans". He held the position for one year (Parkiet, March 8-10, p. 4, Rzeczpospolita, March 8-9, p. B2) ... On Friday TPSA denied that it planned to buy back its shares from the government, quashing market speculation that traders said had been driving its shares higher in recent days."A buyback from the State Treasury wouldn't be a bad idea - a great deal of the risk surrounding the company would disappear, and it would de facto end the privatization process," said Erste Securities analyst Wlodek Giller. (Reuters) J.K./A.K.