Countdown to Grupa Lotos' IPO

The concern intends to carry out its IPO in June, after which the State Treasury and Nafta Polska will still maintain a 51% stake in the oil concern. On Thursday Krzysztof Żyndul, president of Nafta Polska, said that he expected that the sale of the shares would be carried out between May and June. However, on the same day Deputy Treasury Minister Dariusz Witkowski told the Polish Press Agency (PAP) that the decision about the final date of the IPO had not been made yet. He went on to say that the Treasury did not see any necessity to sell a stake in GL to a sector investor. Lotos plans to raise zł.900-950 million from the floor, which would be spent on further development of the company. According to the plans, between 2005-2009 the firm will designate in total zł.5 billion for developing its gas stations network, improving production processes and environmental protection. (www.pb.pl) M.M.