Retail investors in WSiP to get early sign-up discount

On October 11, that is several days later than earlier planned, the subscription for shares will begin. They will be offered in two tranches: retail investors will receive 3.125 million shares (10% of all shares) while institutional investors will get as many as 4.678 million shares (15%). The Treasury Ministry has reserved the right to shift the shares between the tranches as well as the possibility to sell another 3.125 million shares. Retail investors who sign up for the issue during the first three days (October 18-20) of the offer will receive a discount of between 2-6%. WSiP has incurred a net loss of zł.10 million against sales revenues of zł.102 million during the first half of they year. However, since the company's profitability is largely affected by seasonal factors, the predicted 2004 profit of zł.30 million is still possible. (Puls Biznesu, p. 6; Parkiet, p. 3) E.B.