Ciech's fall float to finance phosphor fertilizer furtherance

Ciech, a major domestic chemical concern, has revealed that it intends to debut on the Warsaw Stock Exchange (WSE) later this year (in September or October) and hopes to raise zł.200 million from the flotation. The money raised would then be used to purchase shares in the Police chemical plant, which in addition to fertilizer, also makes titan white, and GZNF Phosphors, a fertilizer producer. Ciech's management announced that it wants to take over a controlling 51% stake in GZNF, thus achieving a merged entity with a total turnover of zł.3.5 billion and an 8% stake of the European phosphor-based fertilizer market. The flotation of over 8 million shares, should it go ahead, will reduce the state's stake in Ciech from 51.88% to 37%. The flotation would also trigger the sale of a number of Ciech subsidiaries (Puls Biznesu p. 4) M.G.