In Brief: TPSA sale raises zł. 1.4 billion; PKN Orlen; Zelmer; Warta falls

The government has sold a 7.5% stake in telecoms giant TPSA raising zł. 1.4 billion, which represents its biggest privatization sale in three years. The Treasury Ministry offered 105.4 million shares at a slight discount to Tuesday's closing price of zł. 13.95 per share. The stake was sold on Tuesday after the Warsaw Stock Exchange closed in series of 76 blocks. According to Reuters 70% of the stake was sold to foreign investors. (Parkiet, p. 5; Puls Biznesu, p. 8) ... The former spokesman of PKN Orlen Krzysztof Rogala in an interview with Parkiet has revealed the details of a fake news report which caused a 3% drop in the company's share price on May 15. Rogala said it was the oil giant's top advisers who wrote and publicized the note which was reported by the Polish Press Agency (Parkiet, p. 1) ... The State Treasury has announced a tender for the selection of an adviser to the privatization of Rzeszów-based Zelmer, the largest domestic vacuum cleaner and other white goods producer. The role of the adviser is to prepare an analysis of the company, organize a privatization strategy and arrange the process of sale of at least 10% of the shares by the end of 2004, or early 2005. Offers can be submitted until January 7. (Puls Biznesu, p. 7) ... Warta, the second largest non-life insurer, has recorded a fall in contributions for the second quarter in a row. The company announced zł. 388.9 million in contributions in the third quarter, which is a fall of 3.5% as compared to the same period in 2002. The main reason for the poor result is a stagnation in its car insurance division. (Parkiet, p. 7) A.K.