Fate of insurance co. Warta hangs with majority investor Kulczyk Holding

On the Aug. 23 an extraordinary shareholders meeting will decide whether to increase the capital of insurance company Warta S.A. by selling all new shares to a strategic investor, possibly French AXA. Further development of Warta depends mostly on owner Kulczyk Holding, the strategy of acquiring an investor, and capital. The value of the insurer will be substantially increased by a new subsidiary investment fund, which was allowed recently by the Security and Stock Exchange Commission (KPWiG) to operate. "It will increase the value of Warta substantially as this market is full. The investor would have to buy into the fund to help it start, investing over zl. 10 million," said CDM Pekao analyst Artur Szeski. But "I am not convinced if the investor for which Kulczyk Holding is looking for, would be interested in cooperation with any bank and vice-versa," added Szeski. Warta owns 13% shares of Bank Czestochowa. (Prawo i Gospodarka, page 11) M.M.