In Brief: NFIs' court victory; Exbud's delisting; Invest-Bank & CIBC

National Investment Funds (NFIs) are allowed to withdraw their own shares from the market by repurchase, decided the Court of Appeal. The court was ruling in the case of NFIs versus the State Treasury. (Parkiet, p. 1) ... An announcement of poor financial results by Exbud might be connected to plans by its owner Swedish Skanska to withdraw Exbud from the Warsaw Stock Exchange (WSE), analysts say. Exbud's zl.225 million net loss in the first three quarters of the year was mainly a result of creating high reserve funds, and this has made it less attractive for investors, thereby making it easier for Skanska to remove Exbud from the WSE. (Prawo i Gospodarka, p. 1) ... After consulting with the Bank Supervisory Commission (KNB), Zygmunt Solorz, owner of Polsat Group, decided to stop negotiations on selling Invest-Bank, in which it holds a 75% stake, to the Canadian Imperial Bank of Commerce (CIBC). The reason for the withdrawal is concerns about CIBC's intermediary, a Cayman Islands-based investment fund. (Rzeczpospolita, p. B5) M.K.