Ciech plans IPO, Warsaw bourse entry in 1998

"Despite a bad year for the chemical industry, Ciech is in very good financial condition and plans to float the company at the beginning of the last quarter of this year," said Cuga. The issue of 7 million to 14.2 million shares, destined for institutional investors, will coincide with the sale of a 25% stake by the Treasury Ministry, which holds 52% of the company. Ciech said it plans to increase its net profit to zl. 40 million this year, zl. 60 million next year and zl. 80 million in the year 2000. After first two months of 1998, Ciech reported net profit of zl. 8.2 million. Cuga said the company also joined the consortium to bid for Poland's largest drug manufacturer, Palpharma Starogard Gdanski. (Parkiet, page 1, Reuters)