Ciech IPO penciled for September 2004

The management board of chemical holding company Ciech, officially announced that its IPO is planned for next year, although a specific date has not been settled yet. "It chiefly depends on how our preparations progress, particularly with reference to our financial position, reporting system, but above all, the decision of the general shareholders meeting in January 2004. Initial plans are to have the IPO in September 2004," said Ciech President, Ludwik Klinkosz. The management of the company revealed that it is in need of extra funds, and they hope to raise zł. 160 million from the Warsaw Stock Exchange. "We plan a share issue of around 30% of the current capital. However, this is an initial concept, which will now be discussed with our financial advisers," said Klinkosz, adding that the State Treasury's stake will fall by several percent due to the IPO. Ciech's directors hope to see mainly financial investors, such pension funds and financial institutions, among the future shareholders. (Puls Biznesu, pp. 1, 4) A.K.