Pekaes' poor pull

Share prices opened at around zł.10.25, then peaked at zł.10.45 before falling to close at zł.9.65. Turnover was high and amounted to zł.21.6 million with more than one million shares (3 percent of the company's capital) changing hands. Apart from retail investors, who own 4.1 million shares, Pekaes employees were also able to sell the 4.25 million shares they had received. "Many of them became impatient because they had to wait so long for the possibility of exiting the investment, but it was worth," said one employee. Those staff who sold their shares made a profit of 300 percent. All the new issue stocks (12 million) were bought by institutional investors, with PTE Commercial Union picking up some 5.7 million shares-making it Pekao's second largest shareholder. (Poland A.M.)