Ciech aims for WSE, but Treasury has other ideas

Warsaw-based chemical company Ciech was to enter the Warsaw Stock Exchange (WSE) in 2004 as part of a group consisting of strong pharmaceutical companies among others. However, the incorporation of Jelfa, Polfa Warszawa, Polfa Tarchomin and Polfa Pabianice is unlikely. In February, Ciech's president Ludwik Klinkosz announced that the company's strategy until 2007 would be based on two basic segments; pharmaceuticals and sodium. The company has been developing production of the latter in recent years. Hopes of taking over the three Polfa's were dashed by Treasury Minister Piotr Czyżewski who told Rzeczpospolita in an interview that a better solution for the State would be to merge them into a single Polski Holding Farmaceutyczny, and then float it. He also added that he did not think Ciech would be able to satisfy all the Treasury's criteria as a strategic investor for the holding. (Rzeczpospolita, p. B5) M.M.