CEDC begins to unveil its plans for Polmos Bialystok

The company bought almost 7.26 million shares from the State Treasury. "The money is already on our account," declared Magdalena Nienaltowska from the Treasury Ministry press office. It was also revealed yesterday that the investor recently bought Polmos shares on the bourse and together with off-session transactions managed to collect an additional 5% stake. CEDC's president William Carey declared he expected that further cooperation with Polmos Bia³ystok would result in the smooth integration of this company with the CEDC group. He also revealed that during last month he worked with the Bols and Polmos Bia³ystok management on the new development plans. "New initiatives include the construction of a rectification plant, combined raw material purchases, introduction of new trade rules, reduction of administrative costs and the adjustment of employment in sales and marketing departments," stated Carey. He went on to say, "We expect that CEDC will enter the Warsaw bourse in 2006," but did not provide any further details. (Parkiet, p. 1) E.B.