Ciech 2004 plans include sector take overs and IPO

Today's supervisory board meeting of chemical concern Ciech is to accept a new development strategy, which envisages that the company will debut on the Warsaw Stock Exchange (WSE) in September. This way, the company plans to issue shares worth between zł. 100-200 million. "The debut and acquiring additional capital is the only way we can develop dynamically, otherwise the company would face stagnation," said Ciech's President Ludwik Klinkosz, adding that he wants the capital to be increased by around 30%. Company representatives announced that the funds will be used to purchase other enterprises from the chemical sector. Ciech is targeting Zachem, Police or Sarzyna. Klinkosz also revealed he is looking forward to acquiring a German-based soda producer, but did not want to reveal its name. Although other state-owned corporations such as PGNiG and Grupa Lotos, are also planning a share issue in the second half of 2004, Klinkosz claims he will not have any problems with demand for his assets. (Parkiet, p. 1) A.K.