PF Jelfa's shares take a tumble as news breaks of share transfer

The State Treasury plans to increase the share capital of the Industrial Development Agency (ARP) by giving it an almost 26% stake in stock-listed drugs producer PF Jelfa worth zł.118 million. The government approved the move but, "We will only carry it out after the appeal against Szczecin Shipyard Porta Holding is resolved," said ARP president Arkadiusz Krężel. After the idea was made public, the value of Jelfa shares dropped by zł.5 million. Jelfa has been searching for a sector investor and to date it has received six letters of intent, but now DM BPH PBK analysts believe the latest news could destroy Jelfa’s hopes. When asked about this, Ryszard Wolska, Jelfa’s spokesman replied, "We do not comment on decisions made by the owners". Arkadiusz Krężel claims that the ARP has not yet decided whether it would keep the stock or sell it. (Puls Biznesu, p. 7) M.M.