Ciech celebrates buying spree on stock market

Ciech will pay zl.324 million for the two Polish companies and will gain a leading position on the resin and TDI market. However, the Treasury, which controls Ciech through Komapnia Weglowa (KW), might not be the one who will profit from the acquisitions. In March 2006 KW took a loan for zl.270 million using equity in Ciech (then worth zl.284 million) as a guarantee, and will start paying it off in January 2007. The credit was granted by PKO BP, of which 51% is controlled by the government. KW turned to the Treasury minister with a request for subsidizing the company by zl.416 million, pointing out the necessity to pay out debts of companies it took over. A KW spokesperson said that the liabilities are outdated which is why the company needs money. (Puls Biznesu p.5) M.M.