Grupa Lotos' public offer appears a great success

Individual subscribers had time until June 4. Lotos president, Paweł Olechnowicz, announced that he considers the public offer a great success, as the reduction for institutional investors amounted to 69.6% and for individual investors to 96.58%. According to an official announcement, the company chose between institutional bidders on the basis of their reputation as well as their long term investment plans concerning Lotos. There were no preferences regarding individual investors and the shares were distributed in proportion to the size of the subscription. Lotos shares will debut on WSE on Thursday and the company plans to raise approximately zł.1 billion from the floatation. In 2004 Grupa Lotos posted a consolidated profit of zł.572 million on a turnover of zł.11 billion. (Parkiet p. 3) M.G.