KPWiG decision clears the way for market launch of ZAP next month

The Securities and Stock Exchange Commission (KPWiG) said yesterday it had cleared for public trading Zaklady Azotowe Pulawy (ZAP), paving the way for its initial public offering next month. The KPWiG said in a statement that ZAP, one of Poland's leading chemical plants, will offer a total of up to 7.47 million shares, or 46% of its stock, including a new issue of 2.72 million shares. The government, which is currently the sole owner of ZAP, will retain control over the plant after its market debut. The price per share has not been revealed yet. The announcement has been greeted favorably by analysts, since ZAP plans to spend the capital raised on increasing its melamine production capacity. The plant employs 3,900 workers, and made a net profit last year of zl.54 million, based on sales of zl.1.33 billion. (Prawo i Gospodarka, p. 9) M.K.