BGK picks up zł.86 million stake in Pekaes logistics

On Friday, the bank took over a 33% stake in Pekaes that was previously owned by the Treasury Ministry, which was the company's major shareholder before the transaction. The market value of the shares is zł.86 million. According to Dariusz Witkowski, Deputy Treasury Minister, transferring the shares to BGK was an answer to the government's plan to expand the operation. The bank's portfolio was also enlarged by shares of 26 other companies with a total market value of zł.236 million. Pekaes is the only publicly listed firm, in which BGK became a strategic investor. The bank may decide to sell the shares on the bourse quite soon, as Pekaes's financial situation is even worse than in 2004, when in Q4 the company recorded an operational loss of zł.7 million. Minority shareholders in Pekaes say that the Ministry did the right thing selling the stake. "We are going to try to convince the new investor not to give away its shares," said Wacław Wojciechowski, member of Pekaes's management board. In case BGK decides to withdraw from the company, however, Pekaes might face some crucial changes. (Parkiet, p. 3) A.F.