For the Record
A subsidiary of industrial and trading conglomerate Elektrim signed a contract to supply cables worth GBP 12 million to Britain this year, Elektrim said. Elektrim said the cables would be supplied by Elektrim Kable Polskie to another Elektrim subsidiary, Copper Cable Company in Great Britain.
System integrator Softbank signed an agreement with U.S.-based Alltel increasing the firms' cooperation, Softbank Deputy CEO Piotr Smolski said. "We have worked with Alltel before, but this agreement signifies formal cooperation," Smolski said. Softbank and Alltel officials declined to comment on the agreement's details. In July 1998, Alltel signed a $40 million contract with Pekao to provide the largest commercial bank with integrated financial software systems.
A local court in Warsaw approved a 40% debt write-off deal between trading company Universal and its creditors, Judge Krystyna Cudna said. "A local court decided ... to approve Universal's Nov. 26 agreement with its creditors," she said. Last week the Securities Commission (KPWiG) withdrew shares of the loss-making Universal from public trade saying the firm failed to fulfill information obligations. Universal said it would appeal the decision as soon as it receives it in writing. The KPWiG decision sent Universal shares plummeting 40% last Tuesday when they resumed trading after Monday's suspension. In November Universal creditors agreed to reduce the firm's debt by some 40% and divide up debt payments into installments. Universal will repay bigger creditors by the end of 2002 and smaller creditors would receive payments this year. Under the deal, zl. 339 million ($98 million) of Universal's debt will be restructured. Universal made a net loss of zl. 148.7 million ($43 million) and operating loss of zl. 84 million ($24.3 million) in the first 11 months of last year.
The Polish unit of French cement maker Lafarge will buy remaining state treasury shares in its two largest local cement holdings and merge them with a third company it owns, Lafarge officials said. "Lafarge has just signed an agreement with the treasury to buy the shares of Malogoszcz and Wierzbica which still remain in state hands, which should be completed today," Lafarge Poland's CEO Eric Meuriot told a news conference. After the purchase, Lafarge Poland's stake in Wierzbica will increase to 99.9% from 82.8% and in Malogoszcz to 99.3% from 74.3%, the company said. The two southern firms will be merged with Lafarge's third cement maker Kujawy, in which it has 92% of shares, into one company called Lafarge Cement Poland. The operation should help cut costs and streamline management.
n Banking notes
Bank Ochrony Srodowiska (BOS) said it had applied to the Banking Supervision Commission on behalf of Kredyt Bank PBI to allow the latter to have more than 10% of votes in BOS. BOS's Deputy CEO Jerzy Pietrewicz said, however, BOS was still reluctant to have Kredyt Bank PBI as its strategic shareholder. "We have done what we were obliged to do and applied to the banking supervision commission but ... nothing happened that would change our opinion about Kredyt Bank as a strategic partner," he told Reuters. In November BOS, which specializes in environmental protection projects, said the purchase of its shares by Kredyt Bank would not add value to the bank. Kredyt has less than a 5% stake in BOS. Kredyt Bank PBI's spokesman Marcin Olkowicz said the bank was currently working out how it should cooperate with BOS. It said it was not buying BOS shares on the market but declined further comment.
Bank Komunalny has begun detailed negotiations with four investors of which one will be invited to buy a strategic stake, the bank's Deputy CEO Krzysztof Bogucki said. "The investors have requested anonymity ..., but there are various institutions. The investors we will pick will acquire about 2 million of our shares," Bogucki told Reuters. He declined to say when the investor is to be chosen for the small general bank, which is headquartered in the northern port city of Gdynia. The bank, which currently has 3.2 million shares outstanding, plans to issue a total of 2.2 million shares ex-rights, with 1 million-2 million shares going to a strategic purchaser.
Most banks expect the central bank to cut its Lombard rate by more than four percentage points over the course of this year, a Reuters poll of the country's 21 largest banks showed last week. The survey showed four banks expected a rate cut this month, and the rest predicted no changes to the Lombard rate in January. The Lombard rate is now at 20%.
The Pengab banking climate index slipped 2.6 points in January to a record low of 32.3 after edging up in December, private polling institute Pentor said last week. The survey, commissioned monthly by the Polish Bank Association (ZBP), polled 201 bank managers of all levels across the country and was carried out Jan. 6-8. The poll gauges the difference between positive and negative answers to whether the situation in the banking sector was better or worse in the past month. Answers that indicate no change in sentiment are not used. The index fell below the current level only in April 1994, reaching 31.8 points. Pentor considers 30 points as the threshold level signaling bad climate in the sector. The poor sentiment in the banking sector mainly resulted from bankers' growing concern over competition in the sector and expectations of decreasing demand for loans as Poland's growth rate slows, Pentor said.
International rating agency Moody's maintained Bank Pekao's long-term deposit rating at Ba1, Pekao said. The bank's short-term deposits were also maintained at Not Prime, Pekao said. Pekao said Moody's rated its financial strength D+, the same rating as last year.
Bankers expect annual inflation to fall to 8.5% in 1998, against government and central bank forecasts of 8-8.5% price growth, private polling institute Pentor said. According to a separate survey of 21 leading Polish banks conducted by Reuters this week, inflation will fall to 7.8% in December from 8.6-8.7% at the end of 1998. A year ago in January, surveyed bankers expected annual inflation rate to be around 13% against government forecasts of 9.5% price growth. The Pentor survey, commissioned monthly by the Polish Bank Association (ZBP), polled 201 bank managers across the country and was carried out Jan. 6-8.
n Capital markets
Industrial and trading conglomerate Elektrim launched a one-year, zl. 200 million ($57 million) commercial paper scheme, the company said. Elektrim said the issue, which is managed by Pekao, was launched last week with the first tranche of zl. 100 million ($28.5 million).
Kredyt Bank PBI has agreed to sell its 9.84% stake in meat producer Ostroda Morliny, the bank said. Kredyt Bank PBI said it would sell the stake to Animex, one of Poland's largest food traders and retailers.
A court refused to register the merger of meat firm Sokolow and its subsidiary Kolo saying Sokolow could not pay for Kolo's assets with ordinary shares but only with registered shares, Sokolow said. It said the management of Sokolow would appeal the ruling. Sokolow, which currently has 54% in Kolo, had wanted to conclude the merger, including court registration, by the end of 1998. The merged entity would have about a 7% market share. The merger already gave Kolo shareholders a total of 14.6 million of new, ordinary Sokolow shares. Each old Kolo share was exchanged for four new Sokolow stocks. But the local court in Siedlce refused to register the deal. Eight million shares out of the 14.6 million were offered to current Sokolow shareholders as one-for-one rights. Currently Sokolow has 33 million shares outstanding.
Trader Universal will appeal the Securities Commission's (KPWiG) decision to withdraw the company's shares from public trade as soon as it gets it in writing, the firm said. "If the KPWiG upholds its decision, the company will appeal it to the Supreme Administrative Court," it said. Last week the KPWiG withdrew Universal shares from public trade saying the company failed to fulfill information obligations. Universal, which made a net loss of zl. 148.7 million ($43 million) and operating loss of zl. 84 million ($24 million) in the first 11 months of last year, complained it had to learn about the KPWiG's decision from the media.
Bayerische Landesbank has 12.4% of votes or 18.4% of shares in Poland's Amerbank after its bid for the bank's shares, Amerbank said. The Warsaw Stock Exchange (WSE) said Bayerische, which had 9.7% of Amerbank before the tender, bought 309,200 Amerbank shares in the bid which ended late in December. Bayerische made the initial bid at zl. 37 per share but lowered the price to zl. 26 after another German bank, DG Bank, bought 39.3% of Amerbank in the competitive tender early in December. Amerbank spokesman Piotr Wojnarowski told Reuters Amerbank hoped DG Bank, which emerged from the bidding war as Amerbank's strategic investor, would help it to undertake new projects in areas where it lacked expertise. "We expect from DG Bank support in realizing investment projects such as in the energy sector," he said.
n Government and macro
Armed forces' Chief-of-Staff General Henryk Szumski has gone to Canada for a two-month course in English, poor knowledge of which is a major hurdle for the country's forthcoming NATO membership. "The participation of the general in this course has been regarded as essential," Defense Ministry spokesman Eugeniusz Mleczak was quoted as saying by Zycie daily. The sabbatical has been approved by the defense minister, Mleczak said. The general has been learning English for two years and wants to perfect it, he added. Late last year General Klaus Naumann, the chairman of NATO's military committee, said insufficient knowledge of English among Polish officers was more of a hurdle for the country's NATO entry than its often-outmoded defense equipment.
The lower house of Parliament last week approved this year's national budget, clearing the way for the government to pursue its goals of high growth, low inflation and fiscal restraint. "We have worked out macroeconomic indices that speak of economic development and make it possible to finance reforms," Prime Minister Jerzy Buzek said after the vote. The passage of the bill with a resounding majority of votes was also welcomed by the ruling center-right coalition's two parties as a sign they can effectively work together despite frequent quarrels, notably over privatization. "I am happy that in this important case the coalition's cooperation has not failed," PAP news agency quoted Finance Minister Leszek Balcerowicz, leader of the co-ruling Freedom Union, as saying.
The Economy Ministry last week imposed quotas on black coal imports from Russia to protect ailing mines. "Imports of Russian coal are growing too fast. We must take preventive measures at the time when our mines are undergoing a costly restructuring program," Deputy Economy Minister Jan Szlazak told Reuters. He said importers would be allowed to bring 690,000 tons of Russian coal to Poland this year, 5% more in the year 2000 and another 5% more in 2001. Szlazak said imports of Russian coal, which is now about 10% cheaper than Polish coal, jumped to 2 million tons last year from 124,000 in 1996 and 670,000 in 1997. Under the quota system, an importer will be allowed to bring in 2,500 tons of coal at a time and will need an Economy Ministry permit for that, Szlazak said.
The Treasury Ministry confirmed it had given a consortium involving conglomerate Elektrim and California Energy a second chance to bid for a stake in power complex PAK. PAK's 20% stake was to be sold to Britain's National Power after the consortium's offer had been rejected in October 1998. But late in December the Treasury Ministry called off the signing of the deal with the British firm after it had raised more demands. "The Treasury Ministry has indeed sent an invitation for buying PAK's stake to the Elektrim consortium," Treasury Ministry spokeswoman Beata Jarosz told Reuters. Earlier on Friday a source, who asked not to be named, said the consortium was allowed to bid for PAK. Apart from Elektrim, one of the leading firms on the Warsaw Stock Exchange (WSE), and California Energy, the consortium also groups builders Energomontal Polnoc and Mostostal Warszawa and banks Pekao and Bank Ochrony Srodowiska.
Poland is likely to decide this month on the shape of a long-delayed program to overhaul and privatize the defense industry and on providing its armed forces with a modern jet fighter. Deputy Defense Minister Romuald Szeremietiew said the plan to group most of Poland's 45 arms firms in a state-run National Defense Industry Fund to ready them for privatization would be discussed by the cabinet's economic committee this week. "If the economic committee debates the program today, the issue could be mentioned at the nearest cabinet meeting," Szeremietiew told a news conference. Under one version of the overhaul program, the National Defense Industry Fund would work to secure orders for its firms and gather funds for them by, for example, issuing bonds.
Ukrainian President Leonid Kuchma planned to fly to Poland for a working visit last Thursday to discuss the future enlargement of the European Union (EU) and NATO with his Polish counterpart, Kuchma's spokesman said. "During his two-day visit, Leonid Kuchma and his Polish counterpart Aleksander Kwasniewski will discuss the effects of Poland's joining NATO and the European Union as well," Alexander Martynenko told a news briefing. Ukraine fears that future eastward expansion of the European Union will create a new "iron curtain" between it and other more developed ex-communist European countries by erecting new barriers to travel and trade. Poland, as well as Ukraine's other neighbors, are under pressure from Brussels to place new visa restrictions on travelers from former Soviet republics.
The central bank should cut interest rates in the first quarter of 1999 as inflation rapidly falls, senior Finance Ministry adviser Stanislaw Gomulka told the PAP news agency. "It seems that in the first quarter of this year there could be large cuts in interest rates. They should not be gradual, as was the case until now, they should be concentrated in the first quarter," Gomulka was quoted as saying. Gomulka, who has previously called for interest rate cuts and a weaker zloty to keep Poland's economic growth from slowing, said inflation would fall to 7% by February from the expected 8.6% in December. The central bank cut all rates in December by one and a half and two points to 20% for the lombard rate, 18.25% for the discount rate and 15.5% for the main market intervention rate. Gomulka said the lower interest rates would lower the zloty, which would keep the current account gap from widening quickly.
n Relocation
The International Monetary Fund Office has moved to ul. Emilii Plater 53, 9th Floor, 00-113 Warsaw. The new telephone is 520-7100. The new fax is 520-7101.
System integrator Softbank signed an agreement with U.S.-based Alltel increasing the firms' cooperation, Softbank Deputy CEO Piotr Smolski said. "We have worked with Alltel before, but this agreement signifies formal cooperation," Smolski said. Softbank and Alltel officials declined to comment on the agreement's details. In July 1998, Alltel signed a $40 million contract with Pekao to provide the largest commercial bank with integrated financial software systems.
A local court in Warsaw approved a 40% debt write-off deal between trading company Universal and its creditors, Judge Krystyna Cudna said. "A local court decided ... to approve Universal's Nov. 26 agreement with its creditors," she said. Last week the Securities Commission (KPWiG) withdrew shares of the loss-making Universal from public trade saying the firm failed to fulfill information obligations. Universal said it would appeal the decision as soon as it receives it in writing. The KPWiG decision sent Universal shares plummeting 40% last Tuesday when they resumed trading after Monday's suspension. In November Universal creditors agreed to reduce the firm's debt by some 40% and divide up debt payments into installments. Universal will repay bigger creditors by the end of 2002 and smaller creditors would receive payments this year. Under the deal, zl. 339 million ($98 million) of Universal's debt will be restructured. Universal made a net loss of zl. 148.7 million ($43 million) and operating loss of zl. 84 million ($24.3 million) in the first 11 months of last year.
The Polish unit of French cement maker Lafarge will buy remaining state treasury shares in its two largest local cement holdings and merge them with a third company it owns, Lafarge officials said. "Lafarge has just signed an agreement with the treasury to buy the shares of Malogoszcz and Wierzbica which still remain in state hands, which should be completed today," Lafarge Poland's CEO Eric Meuriot told a news conference. After the purchase, Lafarge Poland's stake in Wierzbica will increase to 99.9% from 82.8% and in Malogoszcz to 99.3% from 74.3%, the company said. The two southern firms will be merged with Lafarge's third cement maker Kujawy, in which it has 92% of shares, into one company called Lafarge Cement Poland. The operation should help cut costs and streamline management.
n Banking notes
Bank Ochrony Srodowiska (BOS) said it had applied to the Banking Supervision Commission on behalf of Kredyt Bank PBI to allow the latter to have more than 10% of votes in BOS. BOS's Deputy CEO Jerzy Pietrewicz said, however, BOS was still reluctant to have Kredyt Bank PBI as its strategic shareholder. "We have done what we were obliged to do and applied to the banking supervision commission but ... nothing happened that would change our opinion about Kredyt Bank as a strategic partner," he told Reuters. In November BOS, which specializes in environmental protection projects, said the purchase of its shares by Kredyt Bank would not add value to the bank. Kredyt has less than a 5% stake in BOS. Kredyt Bank PBI's spokesman Marcin Olkowicz said the bank was currently working out how it should cooperate with BOS. It said it was not buying BOS shares on the market but declined further comment.
Bank Komunalny has begun detailed negotiations with four investors of which one will be invited to buy a strategic stake, the bank's Deputy CEO Krzysztof Bogucki said. "The investors have requested anonymity ..., but there are various institutions. The investors we will pick will acquire about 2 million of our shares," Bogucki told Reuters. He declined to say when the investor is to be chosen for the small general bank, which is headquartered in the northern port city of Gdynia. The bank, which currently has 3.2 million shares outstanding, plans to issue a total of 2.2 million shares ex-rights, with 1 million-2 million shares going to a strategic purchaser.
Most banks expect the central bank to cut its Lombard rate by more than four percentage points over the course of this year, a Reuters poll of the country's 21 largest banks showed last week. The survey showed four banks expected a rate cut this month, and the rest predicted no changes to the Lombard rate in January. The Lombard rate is now at 20%.
The Pengab banking climate index slipped 2.6 points in January to a record low of 32.3 after edging up in December, private polling institute Pentor said last week. The survey, commissioned monthly by the Polish Bank Association (ZBP), polled 201 bank managers of all levels across the country and was carried out Jan. 6-8. The poll gauges the difference between positive and negative answers to whether the situation in the banking sector was better or worse in the past month. Answers that indicate no change in sentiment are not used. The index fell below the current level only in April 1994, reaching 31.8 points. Pentor considers 30 points as the threshold level signaling bad climate in the sector. The poor sentiment in the banking sector mainly resulted from bankers' growing concern over competition in the sector and expectations of decreasing demand for loans as Poland's growth rate slows, Pentor said.
International rating agency Moody's maintained Bank Pekao's long-term deposit rating at Ba1, Pekao said. The bank's short-term deposits were also maintained at Not Prime, Pekao said. Pekao said Moody's rated its financial strength D+, the same rating as last year.
Bankers expect annual inflation to fall to 8.5% in 1998, against government and central bank forecasts of 8-8.5% price growth, private polling institute Pentor said. According to a separate survey of 21 leading Polish banks conducted by Reuters this week, inflation will fall to 7.8% in December from 8.6-8.7% at the end of 1998. A year ago in January, surveyed bankers expected annual inflation rate to be around 13% against government forecasts of 9.5% price growth. The Pentor survey, commissioned monthly by the Polish Bank Association (ZBP), polled 201 bank managers across the country and was carried out Jan. 6-8.
n Capital markets
Industrial and trading conglomerate Elektrim launched a one-year, zl. 200 million ($57 million) commercial paper scheme, the company said. Elektrim said the issue, which is managed by Pekao, was launched last week with the first tranche of zl. 100 million ($28.5 million).
Kredyt Bank PBI has agreed to sell its 9.84% stake in meat producer Ostroda Morliny, the bank said. Kredyt Bank PBI said it would sell the stake to Animex, one of Poland's largest food traders and retailers.
A court refused to register the merger of meat firm Sokolow and its subsidiary Kolo saying Sokolow could not pay for Kolo's assets with ordinary shares but only with registered shares, Sokolow said. It said the management of Sokolow would appeal the ruling. Sokolow, which currently has 54% in Kolo, had wanted to conclude the merger, including court registration, by the end of 1998. The merged entity would have about a 7% market share. The merger already gave Kolo shareholders a total of 14.6 million of new, ordinary Sokolow shares. Each old Kolo share was exchanged for four new Sokolow stocks. But the local court in Siedlce refused to register the deal. Eight million shares out of the 14.6 million were offered to current Sokolow shareholders as one-for-one rights. Currently Sokolow has 33 million shares outstanding.
Trader Universal will appeal the Securities Commission's (KPWiG) decision to withdraw the company's shares from public trade as soon as it gets it in writing, the firm said. "If the KPWiG upholds its decision, the company will appeal it to the Supreme Administrative Court," it said. Last week the KPWiG withdrew Universal shares from public trade saying the company failed to fulfill information obligations. Universal, which made a net loss of zl. 148.7 million ($43 million) and operating loss of zl. 84 million ($24 million) in the first 11 months of last year, complained it had to learn about the KPWiG's decision from the media.
Bayerische Landesbank has 12.4% of votes or 18.4% of shares in Poland's Amerbank after its bid for the bank's shares, Amerbank said. The Warsaw Stock Exchange (WSE) said Bayerische, which had 9.7% of Amerbank before the tender, bought 309,200 Amerbank shares in the bid which ended late in December. Bayerische made the initial bid at zl. 37 per share but lowered the price to zl. 26 after another German bank, DG Bank, bought 39.3% of Amerbank in the competitive tender early in December. Amerbank spokesman Piotr Wojnarowski told Reuters Amerbank hoped DG Bank, which emerged from the bidding war as Amerbank's strategic investor, would help it to undertake new projects in areas where it lacked expertise. "We expect from DG Bank support in realizing investment projects such as in the energy sector," he said.
n Government and macro
Armed forces' Chief-of-Staff General Henryk Szumski has gone to Canada for a two-month course in English, poor knowledge of which is a major hurdle for the country's forthcoming NATO membership. "The participation of the general in this course has been regarded as essential," Defense Ministry spokesman Eugeniusz Mleczak was quoted as saying by Zycie daily. The sabbatical has been approved by the defense minister, Mleczak said. The general has been learning English for two years and wants to perfect it, he added. Late last year General Klaus Naumann, the chairman of NATO's military committee, said insufficient knowledge of English among Polish officers was more of a hurdle for the country's NATO entry than its often-outmoded defense equipment.
The lower house of Parliament last week approved this year's national budget, clearing the way for the government to pursue its goals of high growth, low inflation and fiscal restraint. "We have worked out macroeconomic indices that speak of economic development and make it possible to finance reforms," Prime Minister Jerzy Buzek said after the vote. The passage of the bill with a resounding majority of votes was also welcomed by the ruling center-right coalition's two parties as a sign they can effectively work together despite frequent quarrels, notably over privatization. "I am happy that in this important case the coalition's cooperation has not failed," PAP news agency quoted Finance Minister Leszek Balcerowicz, leader of the co-ruling Freedom Union, as saying.
The Economy Ministry last week imposed quotas on black coal imports from Russia to protect ailing mines. "Imports of Russian coal are growing too fast. We must take preventive measures at the time when our mines are undergoing a costly restructuring program," Deputy Economy Minister Jan Szlazak told Reuters. He said importers would be allowed to bring 690,000 tons of Russian coal to Poland this year, 5% more in the year 2000 and another 5% more in 2001. Szlazak said imports of Russian coal, which is now about 10% cheaper than Polish coal, jumped to 2 million tons last year from 124,000 in 1996 and 670,000 in 1997. Under the quota system, an importer will be allowed to bring in 2,500 tons of coal at a time and will need an Economy Ministry permit for that, Szlazak said.
The Treasury Ministry confirmed it had given a consortium involving conglomerate Elektrim and California Energy a second chance to bid for a stake in power complex PAK. PAK's 20% stake was to be sold to Britain's National Power after the consortium's offer had been rejected in October 1998. But late in December the Treasury Ministry called off the signing of the deal with the British firm after it had raised more demands. "The Treasury Ministry has indeed sent an invitation for buying PAK's stake to the Elektrim consortium," Treasury Ministry spokeswoman Beata Jarosz told Reuters. Earlier on Friday a source, who asked not to be named, said the consortium was allowed to bid for PAK. Apart from Elektrim, one of the leading firms on the Warsaw Stock Exchange (WSE), and California Energy, the consortium also groups builders Energomontal Polnoc and Mostostal Warszawa and banks Pekao and Bank Ochrony Srodowiska.
Poland is likely to decide this month on the shape of a long-delayed program to overhaul and privatize the defense industry and on providing its armed forces with a modern jet fighter. Deputy Defense Minister Romuald Szeremietiew said the plan to group most of Poland's 45 arms firms in a state-run National Defense Industry Fund to ready them for privatization would be discussed by the cabinet's economic committee this week. "If the economic committee debates the program today, the issue could be mentioned at the nearest cabinet meeting," Szeremietiew told a news conference. Under one version of the overhaul program, the National Defense Industry Fund would work to secure orders for its firms and gather funds for them by, for example, issuing bonds.
Ukrainian President Leonid Kuchma planned to fly to Poland for a working visit last Thursday to discuss the future enlargement of the European Union (EU) and NATO with his Polish counterpart, Kuchma's spokesman said. "During his two-day visit, Leonid Kuchma and his Polish counterpart Aleksander Kwasniewski will discuss the effects of Poland's joining NATO and the European Union as well," Alexander Martynenko told a news briefing. Ukraine fears that future eastward expansion of the European Union will create a new "iron curtain" between it and other more developed ex-communist European countries by erecting new barriers to travel and trade. Poland, as well as Ukraine's other neighbors, are under pressure from Brussels to place new visa restrictions on travelers from former Soviet republics.
The central bank should cut interest rates in the first quarter of 1999 as inflation rapidly falls, senior Finance Ministry adviser Stanislaw Gomulka told the PAP news agency. "It seems that in the first quarter of this year there could be large cuts in interest rates. They should not be gradual, as was the case until now, they should be concentrated in the first quarter," Gomulka was quoted as saying. Gomulka, who has previously called for interest rate cuts and a weaker zloty to keep Poland's economic growth from slowing, said inflation would fall to 7% by February from the expected 8.6% in December. The central bank cut all rates in December by one and a half and two points to 20% for the lombard rate, 18.25% for the discount rate and 15.5% for the main market intervention rate. Gomulka said the lower interest rates would lower the zloty, which would keep the current account gap from widening quickly.
n Relocation
The International Monetary Fund Office has moved to ul. Emilii Plater 53, 9th Floor, 00-113 Warsaw. The new telephone is 520-7100. The new fax is 520-7101.
