Progress in capitalizing Daewoo insurance company

The Finance Ministry allowed Ciech's subsidies, Janikosoda and Soda-Mątwy, to cross the 25% ownership level in insurance company Daewoo TU (DTU). This means that the consortium of the chemical concern and PTR is close to taking control over the insurer. "The first phase of capitalizing DTU should be co mpleted by May 24 when the receiver finishes its term. PTR will spend zł. 15 million, while Ciech's companies will designate 10% of shares in the concern for this purpose. Two private companies also take part in the consortium, b ut they prefer to remain unnamed," said PTR president Krzysztof Jarmuszczak. This means that over 87% of existing shares belonging to Daewoo FSO will be decapitalized from zł. 100 million to zł. 2 million. After the changes, Cie ch will hold a 50% stake in DTU, PTR less than 25% and the remaining part w ould remain in hands of private investors. (Puls Biznesu, p. 7) M.M.