Ciech seeks to incorporate Chemia Polska and expand

Last week the chemical conglomerate Ciech gave its president Ludwik Kl inkosz, the green light for the introduction of fundamental changes within the company. Ciech, by the end of June, is to prepare a detailed plan which should lead to it being floated on the stock market in about three years time. "The supervisory board has agreed to create a holding managed by Ciech. It has also accepted the idea of Ciech's incorporating Chemia Polska. The money from the operation is to be earmarked for the expansion of the group supporting both capital investments in the chemical sector and the increase of production capacities," said Ciech's deputy president Wieslaw Kiepiel. In Klinkosz's opinion Chemia Polska will capitalize Ciech by zl. 200 million to zl. 300 million. Ciech's shares from a new share issue will be acquired by the current shareholders of Chemia Polska. The actual value of the issue is still unknown and will depend on the valuation of the two companies. (Puls Biznesu, p. 4) A.Z.