Privatization Agency brought in after failure of Pekaes market launch

The Treasury Ministry has asked the Privatization Agency (AP) to look for a buyer of a 51.52% stake in Pekaes, following the failure of the bus company's management to launch it on the stock market. Who might be interested in purchasing the majority stake, and when a sale might take place, are not yet known. Meanwhile, a group of minority shareholders in Pekaes have accused the company's board of mismanagement. Among other accusations, they say it concealed the true scale of the company's losses by selling off its fleet of buses. They also want to know the reasons why the public offer was withdrawn, especially given the company's desperate need for capital. Their complaints are likely to be aired in public, since the management's massaging of the company's financial results has been reported to the prosecutor's office, and may well be taken to court. (Puls Biznesu, p. 3) M.K.