Grupa Lotos IPO late 2004 or early 2005

At the end of 2004, or at latest at the beginning of 2005, oil concern Grupa Lotos (GL) plans to debut on the Warsaw Stock Exchange by floating part of the stock held by the State, or by issuing new shares. The total value of the planned IPO might even top zł. 1.5 billion. According to company p resident Paweł Olechnowicz, GL is worth about zł. 1.85 billion, while value of its largest domestic competitor PKN Orlen exceeds zł. 10 billion. H owever, the president hopes to increase the value of his company to zł. 2.5 billion over the coming year, thanks to among others, its good 2003 results. "We will post a net profit of at least zł. 200 million by the end of the year," announced Olechnowicz. He also plans to decrease the share of the state after the first share issue from 100% to less than 50%. According to preliminary estimates, GL requires zł. 500 million for future investments and, "By 2005 we want to have 600 own and franchised gas stations with the same look," claims Olechnowicz. (Parkiet, p. 1) M.M.